SK Innovation E&S to import condensate from Australian gas field

SK Innovation E&S, the energy arm of Korea's SK Group, said Monday it will import condensate from an Australian offshore gas field that it invested in 14 years ago, marking the first such shipment to Korea from the project.

The company began production in January at the Barossa gas field, located about 300 kilometers off Australia's northwestern coast.

The initial shipment of 300,000 barrels of condensate is scheduled to arrive at the port of Incheon, just west of Seoul, early next month, the company said in a press release.

The condensate will be used as feedstock at the company's petrochemical plant in Incheon to produce naphtha for use in the production of high-value-added products, such as paraxylene and jet fuel, it said.

SK Innovation E&S is entitled to 1.1 million barrels of condensate out of the 3 million barrels expected to be produced annually from the Barossa field, based on its stake in the project.

The company acquired a 37.5 percent stake in the Barossa project in 2012.

Australian energy producer Santos holds a 50 percent stake, while Japan's largest power generator, JERA, o ...