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SK Energy to restart shutdown naphtha cracker
Oct '10
SK Energy, Korea's leading energy provider, is preparing to reactivate its No.1 Naphtha Cracker Center (NCC) which has been shut down since the end of 2008. The cracker which has a capacity of 200,000 tons per annum is expected to be restarted sometime in November.

Another naphtha cracker with a nameplate capacity of 660,000 tons per year which has been taken off-stream for routine maintenance on October 4 will be brought on-stream after a period of 32 days on November 4.

Two other polypropylene plants with a capacity of 183,000 tons and 193,000 tons too are under force majeure since October 18 and October 20 respectively, and will resume production from November 2 and November 4 respectively.

Meanwhile, SK Energy announced the Q3 earnings results for 2010. The Q3 revenue and operating profit increased by 11% and 296% year-over-year, from a year ago, to stand at KRW 10,166.8 billion and KRW 325 billion respectively. As a result, net income increased by 36% to KRW 343.8 billion from the same period in 2009.

SK Energy's revenue growth for the quarter compared to the same period of year 2009 was largely driven by the higher product prices from rise in crude oil prices and higher operation rates.

SK Energy's quarterly operating profit increased significantly by 296% y-o-y to KRW 325 billion, mainly due to the turnaround of its petroleum business and favorable performance of the exploration and production (E&P) business, in spite of weak performance of the petrochemical business.

As product prices have shown an upward trend since August and the business's competitors plan regular maintenance, SK Energy's petrochemical business has been forecast for improved performance in Q4.

Fibre2fashion News Desk - India

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