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 [...]
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 [...]
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 [...]
SEOUL, Feb. 8 (Korea Bizwire) — South Korean oil refiners’ key profitability measure has been rising sharply this year on a global economic recovery, boding well for their earnings, industry sources said Tuesday. The benchmark Singapore complex gross refining margin (GRM) stood at US$7.5 per barrel for the first week of this month, up sharply [...]
SEOUL, Aug. 17 (Korea Bizwire) — Major Korean refiners posted strong earnings in the first half of the year thanks to solid petrochemical businesses, swinging from the pandemic-driven losses a year earlier, industry data showed Tuesday. Four refiners — SK Innovation Co., GS Caltex Corp., S-Oil Corp. and Hyundai Oil Bank Corp. — logged a [...]
SEOUL, June 26 (Korea Bizwire) — South Korean refiners are jacking up investment in the burgeoning hydrogen market to secure their place in a world shifting away from fossil fuels and to get ahead of the next big change in the energy industry. Hydrogen, which burns clean when mixed with oxygen in a fuel cell, [...]
SEOUL, May 8 (Korea Bizwire) — South Korea’s oil refining industry is expected to rebound in the first quarter thanks to surging global oil prices and a recovery in refining margins after hemorrhaging from the pandemic-driven slump last year, analysts said Saturday. Four refiners — SK Innovation Co., GS Caltex Corp., S-Oil Corp. and Hyundai [...]
SEOUL, April 27 (Korea Bizwire) — South Korean refiners’ exports fell to the lowest level in 10 years in the first quarter of the year as global oil demand remained low amid the prolonged COVID-19 pandemic, industry data showed Tuesday. Oil and petrochemical products shipped by SK Innovation Co., GS-Caltex Co., S-Oil Corp., Hyundai Oilbank [...]
SEOUL, March 9 (Korea Bizwire) — A recent jump in international oil prices and recovering refining margins are raising expectations for a rebound in South Korean oil refiners’ earnings down the road, industry sources said Tuesday. Industry leader SK Innovation Co. and three other players registered their worst performances ever last year, stung by slumping [...]
SEOUL, Feb. 23 (Korea Bizwire) — South Korean gas stations are on the brink of a financial crisis after being hit hard by COVID-19 last year. The Korea National Oil Corporation and Korea Oil Station Association reported that 96 gas stations across the country closed down last year, double the number reported in 2019. The [...]