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Industry Minister Asks Refiners to Use Fair Pricing Policy amid Israel-Hamas War

Industry Minister Asks Refiners to Use Fair Pricing Policy amid Israel-Hamas War

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 [...]

Lubricants Act as a Supporting Factor for S. Korean Oil Refiners

Lubricants Act as a Supporting Factor for S. Korean Oil Refiners

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, [...]

How Falling Refining Margins Threaten Oil Industry Profits

How Falling Refining Margins Threaten Oil Industry Profits

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 [...]

Oil Refiners Support Heating Bills for Energy-vulnerable People

Oil Refiners Support Heating Bills for Energy-vulnerable People

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 [...]

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 [...]