Spains Minister of Industry, Energy and Tourism, José Manuel Soria, inaugurated ILBOC's API Group III lube base oil plant in Cartagena, Spain on September 22. The plant is owned by the SK Lubricants-Repsol joint venture firm Iberian Lube Base Oils Company (ILBOC). About EUR 250 million (USD 273 million) was invested in this project.
Repsol Chairman, Antonio Brufau, and SK Group Chairman, Tae Won Chey, accompanied the Minister at an event also attended by the Ambassador from South Korea, Hee-Kwon Park, the President of the Region of Murcia, Pedro Antonio Sánchez, the Mayor of Cartagena, José López, Repsol CEO, Josu Jon Imaz, SK Lubricants CEO and President of ILBOC, Kihwa Lee, among other authorities.
After the uncovering of the commemorative plaque, the attendees visited ILBOCs facilities, the biggest Group III lube base oil production plant in Europe, with a total capacity of 630,000 tons per year.
ILBOC directly employs 90 people and an additional 100 plus people working for other companies that supply the services that ILBOC requires.
Its products are destined principally to the European market, of which covers 40% of demand. ILBOC also provides Group II lube base oils to other markets. The deliveries are made by tank trucks and ships, which represent an increase of bulk liquid cargoes by land and sea transport of around 500,000 tons per year.
The partners announced their project in November 2011, construction started in October 2012, and by September 2014, the JV started production. With a processing capacity of 630,000 MTPA, the Cartagena plant is essentially double the size of Neste Oils Porvoo Group III plant in the Kilpilahti industrial area, 30 kilometres east of Helsinki, Finland. These two are the only significant Group III base oil producers in Europe.
