S-Oil expects Q2 refining margins to remain steady then trend upward (updated)

S-Oil

26/04/2024 01:22

(Adds operation rates and maintenance schedule in paragraphs
2-3)
       SEOUL, April 26 (Reuters) - South Korea's S-Oil
 010950.KS  forecast on Friday that second-quarter refining
margins will be steady, supported by regular maintenance in the
region, then trend upward in tandem with higher demand as the
summer season gets underway. 
    Over the January-March period, the refiner said it operated
the crude distillation units (CDUs) at its
669,000-barrel-per-day (bpd) oil refinery in the southeastern
city of Ulsan at 91.9% of capacity, compared with 94% in
October-December. 
    S-Oil, whose main shareholder is Saudi Aramco  2222.SE ,
plans to shut its No. 1 crude distillation unit sometime this
year for maintenance, the company said in an earnings
presentation, without specifying the time.  

 (Reporting by Joyce Lee and Heekyong Yang; Editing by
Muralikumar Anantharaman)
 ((joyce.lee@tr.com;))