South Korea’s S-Oil posts loss in Q3
S-Oil’s sales fell 39% from a year earlier to KRW4.43 trillion ($3.92 billion) due to maintenance works while the company swung to an operating profit of KRW12.4 billion ($10.9 million) compared with an operating loss of KRW38.3 billion ($33.9 million) a year earlier.
Meanwhile, the company’s petrochemicals unit posted an operating income of KRW88 billion ($77.9 million) from sales worth around KRW610 billion ($540.5 million).
According to S-Oil, oil demand will improve in the fourth quarter on the back of stronger demand for heating oil from Asia. The company added that they expect that North America and Asia will drive the global oil demand in 2016.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Global oil and petchem revenues hit by challenging market environment
- Tightness shapes expectations for Sept PVC pricing in Asia
- PP uptrend falters in Indonesia amid downstream resistance
- Will European PE market sustain uptrend following higher ethylene?
- COVID-19 resurgence weighs on polymer sentiment in Vietnam
- Stats: Turkey’s H1 polymer imports defy pandemic, hit all-time high
- Stats: China’s total PP, PE imports set a new record in H1 2020
- Lackluster demand outweighs tightness in Asian ABS markets
- Will costs drum up support for a 3rd-month-firming in Europe PET market?
- Import PE markets give softening signals in China, SE Asia