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Refiners, Chemical Firms Feared to Take Further Hit from Virus

Refiners, Chemical Firms Feared to Take Further Hit from Virus

SEOUL, Feb. 20 (Korea Bizwire) — The new coronavirus outbreak is expected to deal a fresh blow to South Korean oil refiners and chemical makers already reeling from worsening profits, industry sources said Thursday. The pessimistic outlook comes as South Korean refineries’ exports to China, their largest overseas market, are projected to drop sharply because [...]

Refiners Brace for IMO 2020 with Desulfurization, Upgraded Facilities

Refiners Brace for IMO 2020 with Desulfurization, Upgraded Facilities

SEOUL, Nov. 12 (Korea Bizwire) — South Korean refiners said Tuesday they’re ready to cope with new International Maritime Organization (IMO) regulations on sulfur content in marine fuel with desulfurization and upgraded facilities. Starting Jan. 1, 2020, the IMO’s new rule will go into effect limiting the sulfur cap of marine fuel to 0.5 percent [...]

U.S. Sanctions on Iran Trouble Refiners over Condensate Imports

U.S. Sanctions on Iran Trouble Refiners over Condensate Imports

SEOUL, Nov. 8 (Korea Bizwire) — South Korean refiners and petrochemical companies are struggling to diversify imports of ultralight crude following the U.S. reimposition of sanctions on Iran over its nuclear program, industry sources said Thursday. Washington on Monday reinstated all Iranian sanctions removed under the 2016 nuclear deal but allowed South Korea and seven [...]