SK Chemicals Unloading Biodiesel Business (Int'l., M&A)
Pangy, South Korea-based SK Chemicals reports it is selling its bioenergy business for 382.5 billion won ($309.4 million) to private equity fund Hahn & Co and suspended its bioenergy business as of Feb. 5, this. Proceed of the sale will be directed to "green materials" investments.
SK Chemicals had a 33.4 pct market share of the Korean domestic biodiesel market in 2018.
(Source: SK Chemicals, The Korea Herald, 26 May, 2020)
Contact: SK Chemicals, 02-2008-2008, 02-2008-2009 - fax., www.skchemicals.com
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SK Chemicals Testing Marine Biodiesel Blends (Int'l Report)
Reuters is reporting Pangyo, South Korea-based biofuels producer SK Chemicals announced tests are underway on blending its biodiesel with petroleum-based fuels to create low-sulphur marine oil compliant with International Maritime Organization's (IMO) move to mandate that from January 2020 ships must cut harmful emissions either by burning fuel with 0.5 pct sulphur, down from the current 3.5 pct, or installing emissions-removing scrubbers.
The company is also noted it is considering increasing its biofuels output by 50 pct as it eyes what will be a new market in the shipping sector.
SK Chemicals can produce 500,000 kilolitres per year of biodiesel and biofuel oil, primarily from palm fatty acid distillate. (Source: SK Chemicals, Nasdaq, Reuters, 12 Dec., 2019) Contact: SK Chemicals, 02-2008-2008, 02-2008-2009 - fax., www.skchemicals.com
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