The Minister of Industry, Energy and Tourism, José Manuel Soria, inaugurated ILBOC’s new generation lube base oils plant in Cartagena. 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.

The chairmen of Repsol and SK emphasized in their speeches the success of the alliance between both companies which has made this project possible. They also highlighted the advantage of joining the features of countries and companies that, although geographically distant, share goals.

After the uncovering of the commemorative plaque, the attendees have visited ILBOC’s facilities, the biggest production plant of new generation lube base oils in Europe, with a capacity of 630,000 tons per year.

A leader in Europe

ILBOC produces high quality lube base oils, named Group 3, which are the raw material for the new generation lube oils. These oils are ideal for Euro VI engines operation, mandatory in Europe since 2014, and contribute to reducing greenhouse gas emissions, highlighting the company’s commitment to the environment.

Its products are destined principally to the European market, of which covers 40% of demand. ILBOC also provides Group 2 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.

Built in 2012, ILBOC directly employs 90 people and additionally more than 100 people working in other companies that supply the services that ILBOC requires.

About Repsol

Repsol is an integrated global energy company with vast sector experience. It carries out Upstream and Downstream activities throughout the entire world.