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Nov 2007

Overview for Korea Bunker Market “Markets tell the truth .”. Nov 2007. Contents. 1. Korea Refiner’s Capacity vs Forecast. 2. Fuel oil Production by Each Process. 3. Serching for Cracking Margin. 4. Target Sales Volume for FFOV Market. 5. Korea Cargo Premium.

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Nov 2007

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  1. Overview for Korea Bunker Market “Markets tell the truth .” Nov 2007

  2. Contents 1 Korea Refiner’s Capacity vs Forecast 2 Fuel oil Production by Each Process 3 Serching for Cracking Margin 4 Target Sales Volume for FFOV Market 5 Korea Cargo Premium

  3. Korea Refiner’s Capacity vs Forecast Production in 2008. Capacity Forecast

  4. Fuel oil Production by Each Process Gas Oil Ard 21% Standard Yield CDU Bunker-C Ard 49% Secondary Unit Type (New Built) 60,000 BPCD 55,000 BPCD RFCC HOU SK AR / VGO ASPHALT GS MIDDLE OIL HEAVY OIL

  5. Serching for Cracking Margin(Last Month to This Month) Why do they change running ratio? Cracking Margin Gas Oil Target value : 110~120% of Dubai Current value : 130~140% of Dubai Fuel Oil(Cargo) Target value: 80~85% of Dubai Curent value :100~110% of Dubai Critical Point 1) Complex margin > “ 0 “ 2) Complex margin < “0” Complex Margin

  6. Target Sales Volume for FFOV Market in 2008 (UNIT :MT) FFOV MARKET SK GS S-OIL HYUNDAI SKINCHON TOTAL Normal Volume 200,000 150,000 60,000 100,000 100,000 610,000 Forecast Volume 50,000 250,000 60,000 100,000 200,000 660,000 Variation -150,000 +100,000 - - +100,000 +50,000 • SK ENERGY : RFCC & LS CRUDE • GS CALTEX : HOU • Sk INCHON : FULL CAPACITY

  7. Korea Cargo Premium in 2007 First Half: Shortage stocks in S’pore Second Half: Rare demand from China Even Low avails in S’pore

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