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    A010950   KR7010950004

S-OIL CORPORATION

(A010950)
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End-of-day quote Korea Stock Exchange  -  2022-06-23
103500.00 KRW   +1.97%
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S-Oil's gasoline output hit after refinery blast kills one

05/19/2022 | 08:06pm EDT

May 19 (Reuters) - South Korea's third largest refiner, S-Oil Corp, has suspended production of several processing units after a blast at its Onsan refinery, it said on Friday, a step that could tighten gasoline supplies and boost refiners' margins in Asia.

S-Oil, a key exporter of products that is majority owned by Saudi Aramco, has suspended outputs at the units in the city of Ulsan as a precaution since they were near the resulting fire, the company added in a regulatory filing.

These are its No.2 alkylation unit and nearby processing units, such as the No.2 residue fluidized catalytic cracking (RFCC) unit and the No. 2 paraxylene (PX) unit, it said.

"We are exploring best solutions to make sure this does not cause any interruption in domestic supply of fuel products," Chief Executive Hussain Al-Qahtani told a news conference.

The company will make full use of inventory and its domestic and overseas network in that effort, he added.

The shutdown following Thursday night's blast that killed one person is expected to affect already tight gasoline supplies in Asia, where S-Oil is a key exporter.

It may push up Asian refiners' margins of the fuel, already hovering near an all-time high of close to $34 a barrel. <GL92-SIN-CRK>

S-Oil runs two alkylation units, with a combined capacity of 9,200 bpd, to produce alkylates that are blended with gasoline to boost its octane levels and quality.

Citi analysts expect S-Oil's gasoline output to be "severely impacted" in the near term, although it could buy alkylate to maintain production.

It may take up to two years to replace the fire-hit unit, during which time S-Oil could export Very Low Sulphur Fuel Oil, the bank's analysts said in a note.

One person died and nine were injured in the blast, an Ulsan fire official said on Friday.

(Reporting by Arpan Varghese in Bengaluru, Joyce Lee and Heekyong Yang in Seoul; Editing by Florence Tan and Clarence Fernandez)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 2.22% 112.44 Delayed Quote.41.22%
S-OIL CORPORATION 1.97% 103500 End-of-day quote.20.77%
SAUDI ARABIAN OIL COMPANY 0.00% 37.2 End-of-day quote.14.30%
WTI 3.07% 107.53 Delayed Quote.37.83%
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06/03S-Oil To Resume Production Of PP On June 3
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05/23REFILE-S-Oil resumes production at No.2 RFCC after fire incident -filing
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05/20S-Oil's Ulsan Refinery Explodes, Killing One, Injuring Nine
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05/19S-Oil's gasoline output hit after refinery blast kills one
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Analyst Recommendations on S-OIL CORPORATION
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Financials
Sales 2022 39 611 B 30,7 B 30,7 B
Net income 2022 2 463 B 1,91 B 1,91 B
Net Debt 2022 3 244 B 2,51 B 2,51 B
P/E ratio 2022 4,93x
Yield 2022 5,68%
Capitalization 11 901 B 9 221 M 9 221 M
EV / Sales 2022 0,38x
EV / Sales 2023 0,42x
Nbr of Employees -
Free-Float 38,3%
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Mean consensus BUY
Number of Analysts 23
Last Close Price 103 500,00 KRW
Average target price 137 434,78 KRW
Spread / Average Target 32,8%
EPS Revisions
Managers and Directors
Hussain A. Al-Qahtani Chief Executive Officer
Young-Il Cho Chief Financial Officer & Vice President
Chul-Soo Kim Chairman & Independent Director
Kang-Il Kim Managing Director & Head-Information Technology
Yeong-Jin Lee Managing Director & Head-Chemical Technology
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