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ADNOC to visit South Korean refiners - SK Energy
Reuters - Wednesday, April 8
SEOUL, April 7 - South Korea's SK Energy <096770.KS> said on Tuesday UAE's Abu Dhabi National Oil Company will meet South Korean refiners this week, a rare visit by the Middle Eastern crude supplier which has term supply contracts with most of them.
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Some market sources said the visit was aimed at adjusting the volume crude supplies with SK Energy, GS Caltex and Hyundai Oilbank, while others said it was just a courtesy visit.
"ADNOC is to visit us tomorrow... various issues could be raised but there isn't a specific topic set for the meeting," said a spokesman for SK Energy when asked if ADNOC could request to supply more crude to the country's top refiner.
SK Energy receives about 34 million barrels of crude per year from ADNOC, less than 10 percent of its total crude oil imports.
GS Caltex, the country's second-largest refiner, has a term supply agreement for about 90 million barrels of crude from ADNOC, while the smallest Hyundai Oilbank receives about 33 million barrels.
The country's third-largest S-Oil Corp <010950.KS> receives almost all of its crude supplie from Saudi Arabia.
UAE, the second-largest supplier of crude to South Korea, exports about 155 million barrels on a yearly basis, according to a data from Korea National Oil Corp .
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