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S-Oil Beefs Up Petrochemical Biz with US4.2 bln Project

S-Oil Beefs Up Petrochemical Biz with US4.2 bln Project

SEOUL, Jun. 26 (Korea Bizwire) — S-Oil Corp., a major refiner in South Korea owned by Saudi Aramco, said Wednesday it has completed the construction of petrochemical production facilities in South Korea, which will help further raise its presence in the non-refining business field. In 2015, S-Oil, the third-largest refining firm in the country, started [...]

Major Refiners Bask in Decent Q1 Profit, Set to See Another Opbeat Result

Major Refiners Bask in Decent Q1 Profit, Set to See Another Opbeat Result

SEOUL, May 15 (Korea Bizwire) — South Korean oil refiners, led by top player SK Innovation Co., logged decent earnings in the first quarter of the year on the back of robust petrochemical business, and expect their bottom line to remain firm under the current quarter thanks to the recovery of their refining margin, industry [...]

Koreans Consume More Refined Oil Products on Low Crude Price

Koreans Consume More Refined Oil Products on Low Crude Price

SEOUL, June 3 (Korea Bizwire) — South Korea’s consumption of refined oil products rose solidly this year on low crude prices, industry data showed Wednesday, providing some relief to local refiners struggling to cope with slumping exports. Domestic consumption of refined petroleum products reached 283.7 million barrels in the January-April period, up 4.7 percent from [...]

Korean Refiners to Get Back Money as Supreme Court Overturns the Previous Ruling

Korean Refiners to Get Back Money as Supreme Court Overturns the Previous Ruling

SEJONG, Feb. 10 (Korea Bizwire) – South Korea’s antitrust watchdog said Tuesday it will abide by a Supreme Court ruling that would force it to give back 119.2 billion won (US$109.2 million) it took as fines from two local oil refiners who were accused of distorting free market competition. The court overturned actions taken by [...]