January 31, 2020 / 1:13 AM / 20 days ago

S-Oil sees refining margins improving on IMO 2020, easing trade tensions

SEOUL (Reuters) - S-Oil Corp, South Korea’s third-biggest refiner by capacity, said on Friday that refining margins are expected to improve in 2020, supported by demand growth from the implementation of new shipping fuel rules and thawing U.S.-China trade tensions.

The refiner, whose top shareholder is Saudi Aramco, said in an earnings statement, that demand growth in 2020 is expected to outpace the annual supply increase.

The refiner added it plans to shut down its No.1 crude distillation unit and No.2 residue fluid catalytic cracker (RFCC) for maintenance in 2020, without giving the exact schedule.

Reporting By Jane Chung; Editing by Christian Schmollinger

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