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South Korean refiners' recovery faces hurdles
04/12/2010
Although signs in late 2009 indicated South Korea was fast recovering from the 2008-09 global recession, the South Korean refining industry is still suffering.Deteriorating refining margins caused refiners to post poor performances for 2009. Oil demand is recovering but still below 1997 levels. Various internal and external factors imply that the difficult situation may be prolonged.This article examines what South Korean refiners are facing and how they are reacting, especially in the face of changes in the domestic industry climate:• Stagnant oil demand growth. After peaking at 2.328 million b/d in 1997, oil demand is hovering between 2.2 million b/d and 2.3 million b/d. Sluggish d...
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