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 the country’s vulnerable people who are suffering from the recent hike in energy prices.
The donation will be delivered to vulnerable people across the country via the Korea Energy Foundation.
S-Oil Corp. also donated 1 billion won to the Korea National Council on Social Welfare aimed at helping vulnerable people suffering from the recent spike in heating bills.
The donation will be used to support the heating bills of vulnerable people selected by social welfare centers across the country.
Recently in the political community, controversy is growing over the introduction of the so-called windfall tax targeting the excessive profits of oil refiners.
Image Credit: Yonhap / photonews@koreabizwire.com
