SEOUL, Oct 28 (Reuters) – South Korea’s S-Oil Corp (010950.KS) stated on Thursday that Asia’s refining margins are anticipated to proceed their uptrend within the fourth quarter as demand grows forward of winter season and COVID-19 restrictions ease.
A current steep hike in pure fuel costs will enhance demand for refined oil instead power supply, S-Oil added.
S-Oil is the nation’s third-largest refiner, whose essential shareholder is Saudi Aramco (2222.SE).
S-Oil reported on Thursday an working revenue of 549 billion received ($468.22 million) for the third quarter.
Working earnings within the third quarter at its oil refining enterprise was 185.5 billion received from income of 5.2 trillion received.
That resulted in a revenue margin of three.6%, up from 3.1% within the second quarter, and better than minus 1.9% in the identical interval a 12 months in the past.
The corporate stated it operated the crude distillation models at its 669,000 barrels-per-day refinery within the southeastern metropolis of Ulsan at 99.2% of capability on common within the July-September interval, up from 98.8% within the second quarter.
Shares of S-Oil had been down 3.3% as of morning commerce, whereas the broader market (.KS11) was buying and selling 0.1% increased.
($1 = 1,172.5200 received)
Reporting by Jihoon Lee; Modifying by Sam Holmes
Our Requirements: The Thomson Reuters Trust Principles.
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