S-Oil: Q2 Refining Margins Steady, Then Upward Trend with Summer Demand and Planned Maintenance
South Korean refiner S-Oil predicted that refining margins for the second quarter of the year will remain stable due to scheduled maintenance in the region, and are expected to increase as summer demand rises, according to a report by Reuters.
In the first quarter of the year, S-Oil ran its 669,000-barrel-per-day refinery in Ulsan at 91.9% of capacity, which was a decrease from the 94% utilization rate in the previous quarter.
S-Oil, which is majority-owned by Saudi Aramco, intends to carry out maintenance on its No. 1 crude distillation unit at some point during the year, but the exact timing was not provided in the company's earnings presentation.