S-Oil Forecasts Stable Refining Margins in Second Quarter
In a recent statement, South Korea’s S-Oil projected that refining margins in the second quarter will remain steady. The company anticipates support from regular maintenance activities in the region, with expectations for an upward trend as demand increases during the summer season, as reported by Reuters.
During the January-March period, S-Oil reported operating its crude distillation units at 91.9 percent capacity at its 669,000-barrel-per-day oil refinery in Ulsan. This marked a slight decrease from the 94 percent capacity seen in the October-December timeframe.
S-Oil, a company with Saudi Aramco as its main shareholder, revealed plans to conduct maintenance on its No. 1 crude distillation unit at some point this year. The specific timing of this maintenance was not disclosed in the company’s earnings presentation.