S-Oil, a South Korean oil refiner, reported a Q2 net loss of 21.34bn won due to lower oil demand and narrower refining margins.
S-Oil, a South Korean oil refiner controlled by Saudi Aramco, reported a Q2 net loss of 21.34bn won ($15.4m) due to weaker oil demand and narrower refining margins. This followed a net profit of 166.20bn won in the prior quarter. Although revenue rose 22% to 9.571 trillion won, the oil-refining segment was in the red, as refining margins narrowed to $0.00 from $5.00 a barrel in the first quarter.
July 26, 2024
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