S-Oil expects Q3 refining margins to rebound on summer fuel demand (updated)

S-Oil

26/07/2024 01:25

(Adds operation rate and maintenance plan, paragraphs 2-3)
       SEOUL, July 26 (Reuters) - South Korea's S-Oil
 010950.KS , whose main shareholder is Saudi Aramco  2222.SE ,
on Friday forecast that third-quarter refining margins would
rebound, spurred by peak summer season demand for transport
fuel. 
    Over the April-June period, the refiner said it operated the
crude distillation units (CDUs) at its 669,000 barrels-per-day
(bpd) oil refinery in the southeastern city of Ulsan at 94.6% of
capacity, compared with 91.9% in January-March. 
    S-Oil said in an earnings presentation that it plans to shut
its No. 1 crude distillation unit some time during the second
half of this year, without giving further details. 

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