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How Falling Refining Margins Threaten Oil Industry Profits

How Falling Refining Margins Threaten Oil Industry Profits

SEOUL, April 24 (Korea Bizwire) — The oil industry is currently experiencing a somber atmosphere due to falling refining margins, which are a significant indicator of profitability for refiners. This is in contrast to the record boom seen last year when strong refining margins and high oil prices led to reports of refiners preparing massive [...]

Yoon Attends Groundbreaking Ceremony for S-Oil Petrochemical Plant

Yoon Attends Groundbreaking Ceremony for S-Oil Petrochemical Plant

SEOUL, March 9 (Korea Bizwire) — President Yoon Suk Yeol attended the groundbreaking ceremony for a 9.3 trillion-won (US$7 billion) petrochemical plant in the southeastern city of Ulsan on Thursday, hailing the project as a symbol of the friendship and trust between South Korea and Saudi Arabia, his office said. The “Shaheen project,” named after [...]

Oil Refiners Support Heating Bills for Energy-vulnerable People

Oil Refiners Support Heating Bills for Energy-vulnerable People

SEOUL, Feb. 9 (Korea Bizwire) — South Korea’s petroleum refining industry, which enjoyed record-breaking financial results last year thanks to sky-high oil prices, is taking steps to support the heating bills for the nation’s energy-vulnerable households. Hyundai Oilbank Co. said Wednesday it will donate 10 billion won (US$7.90 million) to help alleviate the burden of [...]

POSCO International to Expand Domestic LNG Terminals to Boost Energy Biz

POSCO International to Expand Domestic LNG Terminals to Boost Energy Biz

SEOUL, Jan. 31 (Korea Bizwire) — POSCO International Corp. said Tuesday it will spend 930 billion won (US$756 million) to build two more liquefied natural gas (LNG) terminals in South Korea as it seeks to bolster its energy business. POSCO International broke ground on the Second Gwangyang LNG Terminal earlier in the day, the general [...]

S. Korean Oil Refiners’ Exports Hit Fresh High in 2022

S. Korean Oil Refiners’ Exports Hit Fresh High in 2022

SEOUL, Jan. 29 (Korea Bizwire) — South Korean oil refiners’ exports hit a record-high level in 2022, data showed Sunday, on the back of soaring global energy prices amid the protracted war between Russia and Ukraine. The combined exports of local oil refiners reached US$57 billion in 2022, up 71.2 percent from a year earlier, [...]

SK Energy Joins Hands with State-run Power Supplier for Future Car Charging Stations

SK Energy Joins Hands with State-run Power Supplier for Future Car Charging Stations

SEOUL, Jan. 13 (Korea Bizwire) — SK Energy Co., a major South Korean oil refiner, said Friday it is joining hands with a state-run electric power supplier to build electric vehicle (EV) charging infrastructure at traditional gas stations across the country. SK Energy will work with Korea Hydro & Nuclear Power Co. (KHNP) to build [...]

Gov’t to Impose 150.9 Billion-won Fine on Hyundai Oil Bank for Toxic Discharge

Gov’t to Impose 150.9 Billion-won Fine on Hyundai Oil Bank for Toxic Discharge

SEOUL, Jan. 6 (Korea Bizwire) — The government plans to slap a 150.9 billion-won (US$118.9 million) fine on the country’s leading refinery, Hyundai Oil Bank Corp., for discharging wastewater with unsafe levels of toxic materials, officials said Friday. The fine is around 1 percent of the company’s annual sales and is the largest amount ever [...]