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Oil Prices in S. Korea Mark Longest Rally

Oil Prices in S. Korea Mark Longest Rally

SEOUL, Feb. 5 (Korea Bizwire) – Retail oil prices in South Korea rose for the 27th week in a row this week in line with a hike in global crude oil prices, recording the longest run ever, data showed Saturday. The average gasoline price nationwide was 1,559.6 won (US$1.43) per liter in the fifth week of January, edging up 4.3 won from a week earlier, according to the data provided by the state-run Korea National Oil Corp. [...]

S. Korea’s Public Energy Companies to Make Further Restructuring Efforts

S. Korea’s Public Energy Companies to Make Further Restructuring Efforts

SEJONG, March 7 (Korea Bizwire) – South Korea’s state-run energy resource companies will move forward with their restructuring efforts this year as part of the government-led plan to streamline operations in the midst of low global oil prices, the commerce ministry said Tuesday.  At a meeting convened by the Ministry of Trade, Industry and Energy [...]

Koreans Consume More Refined Oil Products on Low Crude Price

Koreans Consume More Refined Oil Products on Low Crude Price

SEOUL, June 3 (Korea Bizwire) — South Korea’s consumption of refined oil products rose solidly this year on low crude prices, industry data showed Wednesday, providing some relief to local refiners struggling to cope with slumping exports. Domestic consumption of refined petroleum products reached 283.7 million barrels in the January-April period, up 4.7 percent from [...]