Korea and Spain line up new oil plant


South Korea's SK Lubricants is set to sign a joint venture with Spanish energy company Repsol to build a new base oil plant in South East Spain.

SK oil truckThe plant, likely to be completed in 2013, will be built in Cartagena with a production capacity of 13,300 barrels of base oil a day.  SK Lubricants, a spin-off division of SK Energy, will use the plant to strengthen it's European presence.  The deal is set to be completed at the end of June.

SK Energy already exports 2.53 million barrels of base oil to Europe with its main production coming from South Korea and Indonesia.