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SK Innovation sells 76 mil barrels of oil products in Q4, down 7% on year

Saturday, 04 February 2012 | 00:00
South Korea's top oil refiner SK Innovation said Friday it sold a total of 76.41 million barrels of petroleum products in the fourth quarter of last year, down 6.6% from a year earlier when it sold 81.78 million barrels.
Its Q4 sales were also down 0.2% from the previous quarter's 76.53 million barrels.
Of the total, 43.81 million barrels of oil products, or 57.3%, were shipped to overseas market, up from 52.4% a year earlier, but down from 60.3% in the previous quarter.
The refiner sold 12.90 million barrels of gasoline in the fourth quarter, up from 12.60 million barrels a year earlier, and 30.38 million barrels of diesel, up from 29.90 million barrels in the year-ago period.
The refiner also sold 2.54 million barrels of kerosene in Q4, down from 3.70 million barrels in the same period of 2010, and 7.74 million barrels of fuel oil, down from 8.26 million barrels a year earlier. t sold 7.85 million barrels of jet fuel in Q4, down from 9.29 million barrels in the year-ago period.
The refiner's crude distillation unit operating rate was 80% in the fourth quarter, lower than 83% a year earlier, but up from 76% in the third quarter.
The company has five CDUs in Ulsan with a combined capacity of 840,000 b/d, and two in Incheon with a combined capacity of 275,000 b/d. The operating rate of its Ulsan CDUs was 92%, while Incheon's was 36%.
SK Innovation plans to shut Ulsan's No. 4 CDU with a capacity of 240,000 b/d from March 20 to April 22 for maintenance. Ulsan's No. 2 CDU with a capacity of 110,000 b/d will be shut over October 11-November 9 for maintenance. Its heavy oil upgrading unit in Ulsan with a capacity of 45,000 b/d will be shut over March 19-April 25.
Earlier Friday, SK Innovation said its fourth quarter net profit fell 14.7% year on year to Won 156.3 billion ($139.7 million) and operating profit slipped 18.5% to Won 343.1 billion despite a 23.6% rise in sales revenue to Won 16.94 trillion.
Source: Platts
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