SEOUL: South Korea’s S-Oil Corp, the country’s third-largest refiner, said it sees a recovery in industry-wide second-half refining margins after a recent drop compared with a second quarter.
“Refining margins will recover to a solid level from recent correction. Firm demand growth and slow investments in new capacity after substantial expansions over the past few years will support the refining business,” the refiner said in an earnings statement.
“Furthermore, 290,000 bpd (barrels per day) of capacity closures planned in H2 will support the supply-demand balance.” The refiner said in a separate statement that it expected the current trend for low crude oil prices to continue, but did not give details on expected margins or crude price levels.
