Refiners shine after devastating performance in 2020
Posted : 2021-05-14 14:49
By Baek Byung-yeul
The country s four major oil refiners ― SK Innovation, GS Caltex, S-OIL and Hyundai Oilbank ― saw their first-quarter earnings rebound owing to surging global oil prices and global economic recovery. Industry analysts said the oil refiners overcame the past year s slump caused by the COVID-19 pandemic and the upward trend would continue in the following quarter as well.
Due to the decreased demand for oil after the virus outbreak and oil price plunge, the four companies recorded operating losses of over 4.4 trillion won ($3.9 billion) in total in the first quarter of 2020, but their overall operating profit came to 2.2 trillion won during the same period this year.
The largest pipeline in the US for transporting fuel shut down following a cyber attack.
The attack had an impact on fuel prices and created shortages resulting in some gas stations having to close.
An investing strategist breaks down how investors can capitalize on the attack over the short and long-term.
For six days, a hacker group held the largest pipeline system for refined oil products in the US, Colonial Pipeline, at ransom via a cyber attack.
This resulted in the shutdown of a 5,500 mile pipeline used to transport millions of barrels of fuel between Texas and the East Coast, causing fuel shortages and a rise in gas prices in the south east of the country in particular.
S-OIL said Wednesday that it established an in-house ESG committee to strengthen environmentally-sustainable management practices.
The ESG committee will be tasked with creating basic environmental, social and governance (ESG) policies, strategies and a roadmap to enable the systematic and integrated management of such practices.
The committee will consist of seven members ― the heads of the Corporate Strategy HQ, the Corporate Affairs Division, the Safety & Environment Division, and the Refinery Innovation & Coordination Division, the Treasurer, the Compliance Officer, and the president of Corporate Strategy & Services, who will chair the committee.
It will convene a regular meeting every quarter to discuss, evaluate, and deliberate ESG management activities.
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