Aramco-backed S-Oil says refining margins forecast to stay above average in 2024

SEOUL: South Korea’s S-Oil, whose main shareholder is Saudi Aramco, forecast on Friday that 2024 refining margins will maintain at an above-average level helped by steady demand growth and low inventories, accord to Reuters.

Over the October-December period, the refiner said it operated the crude distillation units at its 669,000-barrel-per-day refinery in the southeastern city of Ulsan at 94 percent of capacity, compared with 90.4 percent 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.