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, [...]
SEOUL, April 26 (Korea Bizwire) — Despite the government’s fuel tax cut in the midst of sky-high oil prices, it has offered only limited benefits to consumers while oil refiners and gas stations enjoyed huge benefits, a lawmaker said Monday. Yong Hye-in, a lawmaker of the Basic Income Party, claimed that the government slashed fuel [...]
SEOUL, Oct. 5 (Korea Bizwire) — South Korean oil refiners’ third-quarter earnings are unlikely to recover markedly following their worst performances in the first half due to the fallout from the coronavirus pandemic, industry sources said Monday. The grim outlook comes as leader SK Innovation Co. and three other players have been whipsawed by weak [...]
SEOUL, May 12 (Korea Bizwire) — South Korean oil refiners’ earnings are unlikely to bounce back in the second quarter of the year following record losses three months earlier, industry sources said Tuesday. Pounded by the triple whammy of the coronavirus pandemic, tumbling oil prices and sluggish refining margins, industry leader SK Innovation Co. and [...]
SEOUL, Feb. 5 (Korea Bizwire) — South Korea’s oil refiners will continue to import more crude oil from the United States this year as they work to diversify sources away from the Middle East, industry officials said Monday. SK Energy announced it will purchase 3 million barrels of U.S. crude oil in the first quarter [...]
SEOUL, Nov. 21 (Yonhap) — Aided by improved cracking margins and solid demand for petrochemical products, local oil refiners are forecast to pocket more record earnings this year, and their stellar performance may continue into next year, industry sources said Tuesday. Oil prices have been in the doldrums since 2015 on concerns of an oversupply. [...]
SEOUL, Feb. 5 (Korea Bizwire) – Despite global oil prices hitting a multi-year low due to a supply glut, local oil refiners pocketed decent earnings last year on the back of improved cracking margins, and their stellar performance may continue into this year, analysts say. Oil prices have been in the doldrums since early last [...]