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S Korea s June crude oil imports up 5 9% y/y – preliminary data | Hellenic Shipping News Worldwide
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Bunkerworld News - May oil products demand slips as rising pump prices deter gasoline buyers
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S Korea could shun some Mexican, Russian crudes if Iran returns to market | Hellenic Shipping News Worldwide
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Singapore LSMGO prices may decline amid likely rise in LCO supply
http://www.chemnet.com Jun 03,2021 S&P Global
The prices of low sulfur marine gas oil in Singapore is likely to face downward pressure in the near term amid China s decision to impose a new consumption tax on light cycle oil, a gasoil blendstock, which is expected to shift regional balances and lead to more LCO supply in Asia s bunkering hub, market sources said June 3.
China uses light cycle oil as an alternative to gasoil in the mining, industrial, agricultural, construction and fishing sectors and its consumption tax on LCO will come into effect from June 12. More LCO will go into the LSMGO pool, and most of it will likely come to Singapore given that it has the biggest pie [of bunkering in Asia], a trader said.
[Reporter s Notebook] Rough road ahead for refinery, petrochemical companies carbon neutrality efforts
Posted : 2021-06-02 09:02
By Kim Hyun-bin
Local refinery and petrochemical companies have been working to reduce their carbon emissions but their commitment to carbon neutrality seems a little far-fetched considering their production tends to have high carbon emission rates compared to other key industries.
The sector has been widely viewed as an outdated industry and the main culprit of environmental pollution. These views of the industry make it more difficult to transition into an eco-friendly operation in view of the public and government alike.
Carbon neutrality refers to achieving net-zero carbon dioxide emissions. Most countries are getting on board the effort with the EU and Japan announcing they will become carbon neutral by 2040, Korea by 2050 and China 2060.