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SK Energy in Partnership with U.S.-based KBR for High-quality Asphalt Business Contents
title SK Energy in Partnership with U.S.-based KBR for High-quality Asphalt Business
attachment date 2008-10-20 count 13049
SK Energy in Partnership with U.S.-based KBR for High-quality Asphalt Business
2008/10/20
SK Energy signed a memorandum of understanding with KBR, a US-based leading global engineering, construction and service company, to cooperate in high quality asphalt business.

Tim Challand, general manager of technology and sales at KBR (President William P. Utt, formerly Kellogg Brown & Root) visited SK Energy Headquarters in Seoul on the 16th and signed a memorandum of understanding for partnership in petrochemical and related process technologies

SK Energy plans to combine its newly developed asphalt technology with KBR’s process technology, and apply it commercially for the first time to its Ulsan Complex in September 2010.

Made from the vacuum distillation process, quality of asphalt varies depending on the type of crude oil, and remains limited to relatively low grade. The new technology developed by SK Energy ensures production of highest-grade asphalt regardless of types of crude oil.

In particular, high quality asphalt is traded at high premium prices in the Chinese market where demand for asphalt is skyrocketing. At the moment, SK energy has about 40 percent share of the market.

“With the technology, SK Energy is in a better position to secure competitive advantage in the global asphalt market,” said Park Sam Ryoung, Managing Director (head of the Energy Research Lab at SK Energy Institute of Technology) who led the development the new technology. “We can s get ahead our competitors in the market when we have differentiated technology.”

“We are not satisfied with what we have achieved so far. We remain committed to developing new innovative technologies,” Park revealed confidence that the company will continue its success in the future.

With the new asphalt technology, SK plans to expand into the Asian market including China, and produce high quality asphalt using local resources. It expects annual sales to be more than KRW 1.3 trillion by 2015.

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