Home Auto News Oil & Lubes S-Oil expects refining margins to recover in Q3 as virus curbs ease

S-Oil expects refining margins to recover in Q3 as virus curbs ease

SEOUL: South Korea’s S-Oil Corp said on Friday it expected refining margins to repeatedly recover in the third quarter, supported by the easing of coronavirus-related restrictions.

“Demand is recovering thanks to the easing of lockdowns and stimulus measures in major countries,” the nation’s third-largest refiner, whose primary shareholder is Saudi Aramco , said in an earnings assertion.

S-Oil reported an working lack of 164.three billion received ($136.84 million) for the second quarter. Inventory-related loss narrowed to 169 billion received from 721 billion received in the earlier quarter.

The refiner plans to shut its No.1 crude distillation unit (CDU) in the third quarter and No.2 residue fluid catalytic cracker (RFCC) in June and July for upkeep.

The company additionally said it operated its 669,000 barrels-per-day CDUs in the southeastern city of Ulsan at 99.8% of capability on common in the April-June interval, up from 93.4% in the primary quarter.

Shares of S-Oil have been down 0.8% as of 1250 GMT, whereas the broader market was buying and selling 0.1% decrease.

Oil rises on weaker greenback, however virus woes and US-China tensions weigh

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