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Petrochemical sales jump 75% at SK Energy in Q3

24
Oct '08
SK Energy, Korea's leading energy provider, today announced 2008 third quarter earnings results. Third quarter operating profits rose by 75% from the previous year to KRW 733 billion. The increase was led by solid performance in the petroleum business resulting from full operation of the new upgrading facility and strong earnings from the E&P division.

The company's third quarter sales revenue increased by 115% y-o-y to KRW14.3 trillion. The sharp increase in sales revenue was the result of stronger sales in the petroleum and E&P businesses, improved export sales and the continued rise in foreign exchange rate.

The company made record-breaking export sales of KRW 9.1 trillion in the third quarter, accounting for 64% of total sales. The 2.5-fold increase year-over-year is attributed to increased export volume of light to middle distillate products from full operation of the No. 2 RFCC (Residue Fluid Catalytic Cracking), the company's new upgrading facility located in the Ulsan Complex. The 60,000 B/D RFCC unit has been running at full capacity since the end of June 2008.

S.K Energy has interests across the whole value chain of crude oil like exploration, production of petroleum, petrochemicals and lubricant products.

The petrochemical division has done extremely well. 3rd quarter petrochemical sales increased by 75% YOY to KRW 3.29 trillion as a result of higher product prices and increased sales volume. Operating profits though declined 36% from KRW 117.3 billion to KRW 75.5 billion in the period under review.

Olefin margins remained at similar levels as the previous quarter due to reduced downstream demand and lower naphtha prices, though, petrochemical product demand weakened from economic slowdown and reduced regional demand post-Beijing Olympics.

Founded in 1962 as Korea's first oil refiner, SK Energy (a newly formed entity of former SK Corporation) is one of the world's leading energy and petrochemical companies with 5,084 employees, KRW 23.65 trillion in sales and 26 offices spanning the globe. The company is strategically positioned as Korea's largest – and Asia's fourth largest – refiner with a refining capacity of 1.15 million barrels per day.

SK Energy's leadership allows it to maintain competitive advantages in regional refining markets while penetrating new markets around the world through a diversified business portfolio. SK Energy's rapid growth in its business sectors, coupled with an expanding position in China has increased its global footprint and helped position it as one of the most significant enterprises in Asia Pacific's energy marketplace.

Fibre2fashion News Desk - India


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