South Korean oil firms to remain competitive

Korea Energy Economics said that Korean oil firms like SK Energy, GS Caltex, Hyundai Oilbank, and S-Oil will continue to be strong despite the situation in the Asia-Pacific countries and in the Middle East. These countries are expanding their local oil refining facilities. “Countries in the Middle East and Asia-Pacific region are establishing oil refining plants in their own regions. However, some of the existing facilities will stop running, because they are already worn out. The current oversupply will decrease as time passes by,” Lee Dal-seok of the Korea Energy Economics Institute. (October 19, 2011)