Outlook improving for South Korean refining, petrochemical firms in wake of restructuring

LG-Caltex Oil Corp.'s 600,000 b/d refinery at Yocheon is one of the world's largest and represents a ten-fold increase in the joint venture's refining capacity since it started up 30 years ago. Click here to enlarge imageBecause of the country's closed market, South Korean refiners are enjoying robust margins, in stark contrast with their brethren elsewhere in the Asia-Pacific region. Photo courtesy of the Korea Petroleum Association.The restructuring of South Korea's oil refining and petrochemicals industries continues apace, lending a brightening outlook to the country's downstream sector.This process got under way in earnest since the Asian economic crisis eru...

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