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Refiners’ Q3 Exports Hit US$16.3 bln amid Supply Bottlenecks

Refiners’ Q3 Exports Hit US$16.3 bln amid Supply Bottlenecks

SEOUL, Oct. 27 (Korea Bizwire) — Exports of petroleum products by major refiners in South Korea hit a record quarterly high of US$16.3 billion in the third quarter, helped by higher fuel prices amid prolonged supply bottlenecks stemming from Russia’s invasion of Ukraine, data showed Thursday. The outbound shipments by SK Energy Co., GS Caltex [...]

Refiners’ H1 Exports Hit All-time High of US$27.95 bln on Higher Oil Prices, Demand Recovery

Refiners’ H1 Exports Hit All-time High of US$27.95 bln on Higher Oil Prices, Demand Recovery

SEOUL, July 26 (Korea Bizwire) — The exports of petroleum products by major refiners in South Korea hit a record high of US$27.95 billion in the first half of this year on the back of higher oil prices and strong demand recovery amid eased COVID-19 restrictions, data showed Tuesday. The outbound shipments by SK Energy [...]

S. Korean Refiners Slash Supply Prices as Oil Prices Drop

S. Korean Refiners Slash Supply Prices as Oil Prices Drop

SEOUL, July 14 (Korea Bizwire) — Domestic prices of gasoline and diesel are also on the skids as oil prices have dropped sharply due to concerns about a global economic recession. SK Energy Co., South Korea’s leading oil refinery and gas station operator, recently informed front-line gas stations that it would greatly lower gasoline and [...]

Refiners’ Q2 Earnings Predicted to be Brisk on Widened Margins

Refiners’ Q2 Earnings Predicted to be Brisk on Widened Margins

SEOUL, July 5 (Korea Bizwire) — Major South Korean oil refiners are estimated to have reaped strong earnings in the second quarter following record profits in the previous quarter, boosted by widened margins and higher oil prices, industry data showed Tuesday. Top player SK Innovation Co. is expected to have posted 1.81 trillion won (US$1.39 [...]

Refiners On Edge as Talks Underway for Introduction of Windfall Profit Tax

Refiners On Edge as Talks Underway for Introduction of Windfall Profit Tax

SEOUL, June 27 (Korea Bizwire) — South Korean oil refiners are enjoying a boom time amid sky-high oil prices. Against this backdrop, the political community is now in talks to limit profits by introducing a so-called windfall profits tax. Rep. Park Hong-keun, floor leader of the main opposition Democratic Party (DP), said that he would [...]

Refiners Remain Cautious Despite Post Record Earnings in Q1

Refiners Remain Cautious Despite Post Record Earnings in Q1

SEOUL, May 18 (Korea Bizwire) – South Korea’s oil refining industry enjoyed record-high first quarter results thanks to an improvement in oil-refining margins resulting from soaring oil prices. Nonetheless, the industry remains cautious due to the boomerang effect of what are now sky-high prices. A spike in oil prices, in general, leads to an increase [...]

Exports of S. Korean Refiners’ Q1 Petroleum Products Up by Most in 11 Years

Exports of S. Korean Refiners’ Q1 Petroleum Products Up by Most in 11 Years

SEOUL, April 26 (Korea Bizwire) — South Korean refiners posted the biggest quarterly growth in exports of their petroleum products in the first quarter from a year earlier, driven by robust fuel demand and rising oil prices amid eased COVID-19 border controls, a report showed Tuesday. The combined outbound shipments of petroleum products by SK [...]