South Korea

Oil & Gas

POSH Terasea wins deal to move Shell’s Prelude to Australia


POSH Terasea has won a deal to project manage, tow and position Shell’s Prelude FLNG (Floating, Liquefied Natural Gas) platform from South Korea to its offshore gas field in Australia. The Prelude is the world’s largest offshore gas facility ever constructed and the deal will see the company tow the Shell Prelude FLNG over 3,000 nautical miles from the Samsung Shipyard in Geoje to Australia where it will be deployed.

Health & Safety

Fire at Daewoo shipbuilding yard leaves one dead and seven injured


Police are investigating after a fire at a shipbuilding yard in South Korea has left one person dead and seven others injured. The incident happened at a shipyard owned by Daewoo Shipbuilding & Marine Engineering on Geoje Island earlier today. It is believed the fire broke out on an 85,000 LPG tankers where engineers had been carrying out welding work.

Market info

South Korea’s S-Oil sees higher demand for oil products supporting margins


South Korea's S-Oil Corp 010950.KS said on Monday it expected global demand for refined oil products to continue to grow in the fourth quarter and next year, supporting refining margins. S-Oil, whose main shareholder is Saudi Aramco SDABO.UL, reported a $10.97 million operating income in the third quarter, compared with 606.2 billion won in the second quarter, due to lower refining margins and inventory related losses.