S-Oil says refining margins forecast to stay above average in 2024 (updated)

S-Oil

02/02/2024 24:18

(Adds operational details, paragraph 2-3)
       SEOUL, Feb 2 (Reuters) - South Korea's S-Oil
 010950.KS , whose main shareholder is Saudi Aramco  2222.SE ,
forecast on Friday that 2024 refining margins will maintain at
an above-average level helped by steady demand growth and low
inventories. 
    Over the October-December period, the refiner said it
operated the crude distillation units (CDUs) at its
669,000-barrel-per-day (bpd) refinery in the southeastern city
of Ulsan at 94% of capacity, compared with 90.4% in full-year
2023.
    S-Oil plans to shut its No. 1 crude distillation unit
sometime this year for maintenance, the company said in an
earnings presentation, without elaborating on timing. 

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