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S-Oil expects Q2 refining margins to remain steady then trend upward

(Reuters) - South Korea's S-Oil forecast that second-quarter refining margins will be steady, supported by regular maintenance in the region, then trend upward in tandem with higher demand as the summer season gets underway.

Over the January-March period, the refiner said it operated the crude distillation units (CDUs) at its 669,000-barrel-per-day (bpd) oil refinery in the southeastern city of Ulsan at 91.9% of capacity, compared with 94% in October-December.

S-Oil, whose main shareholder is Saudi Aramco, plans to shut its No. 1 crude distillation unit sometime this year for maintenance, the company said in an earnings presentation, without specifying the time.


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