SEOUL, Sept. 22 (Korea Bizwire) — South Korea’s oil refiners are ramping up investment in sustainable aviation fuel (SAF) as the government prepares to mandate blended fueling for all international flights starting in 2027. Industry leaders warn, however, that the high upfront costs and uncertain global demand mean state support will be critical. SK Energy [...]
SEOUL, Jul. 16 (Korea Bizwire) — The industry ministry said Tuesday it has asked the country’s four major oil refiners to refrain from excessive price increases as part of efforts to combat lingering inflation. Second Vice Industry Minister Choe Nam-ho made the remark during his meeting with representatives from SK Energy Co., GS Caltex Corp., [...]
SEOUL, Oct. 18 (Korea Bizwire) — South Korea’s industry minister on Wednesday requested local oil refiners use a fair and transparent pricing policy amid the growing volatility of crude prices as the Israel-Hamas war intensifies. “We ask (local oil refiners) to use a transparent and fair oil pricing policy so that the recent rise in [...]
SEOUL, July 31 (Korea Bizwire) — South Korea’s oil-refining industry reported disappointing second-quarter results due to weak oil-refining margins, although lubricants acted as a supporting factor. During the second quarter of this year, SK Innovation Co.’s lubricant sales amounted to 1.1 trillion won (US$869 million), representing only 5.9 percent of its total sales. Despite this, [...]
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 [...]
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 [...]
SEOUL, Dec. 8 (Korea Bizwire) — South Korea’s imports of crude oil from the Middle East increased sharply this year amid the international ban on imports of Russian oil, data showed Wednesday. The share of Middle East in the nation’s crude imports stood at 67.1 percent in the first ten months of this year, up [...]
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 [...]
SEOUL, Aug. 15 (Korea Bizwire) — South Korea’s four major refiners posted a record combined operating profit in the first half as high oil prices pushed up refining margins, their earnings data showed Monday. From January to June, SK Innovation Co., GS Caltex Corp., S-Oil Corp. and Hyundai Oilbank Co. reported 12.32 trillion won (US$9.43 [...]
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 [...]