South Korean conglomerate SK Corp. has taken a more active role in the North American base oil market by forming a U.S. subsidiary, SK E&P Co., with offices in Houston.
SK had used Lithcon Petroleum USA Inc. as an agent to import Group III base oils produced at its refinery in Ulsan, South Korea. Lithcon, also of Houston, will continue to serve as sales agent in the region for the base oils, which are sold under the Yubase brand name.
Under the new arrangement, SK will own its product until after it reaches the United States. Lithcon formerly had possession from the time it left South Korea.
The SK E&P office is headed by Y.M. Park, general manager of base oil business.
Posted prices for paraffinic base oils were unchanged this week. The price of crude oil on the New York Mercantile Exchange closed yesterday at $34.44 per barrel, 90 cents higher than a week earlier.
Historic U.S. posted base oil prices and WTI and Brent crude spot prices are available for purchase in Excel format.