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S-Oil sees refining margins improving on diesel demand growth in H2

SEOUL, Jan 28 (Reuters) - S-Oil Corp, South Korea’s third-biggest refiner by capacity, said on Monday that refining margins are expected to improve in 2019, supported by growing diesel demand.

“The margin will gain notable momentum in the second half through soaring demand for diesel ahead of IMO’s 2020 sulfur cap regulation,” the refiner, whose top shareholder is Saudi Aramco, said in an earnings statement.

The refiner added it plans to shut down a 250,000 barrel per day (bpd) No.3 crude distillation unit (CDU) and 89,000-bpd condensate fractionation unit (CFU) in 2019 for maintenance, without giving further details.

Reporting By Jane Chung; Editing by Kim Coghill

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