Hyundai Oilbank expects losses in 2008

South Korean oil refiner Hyundai Oilbank Corp. expects to post a net loss in the fourth quarter of 2008 and for the entire year due to weak refining margins, following a sharp drop in the price of oil, Seo Young-tae, president and CEO of Hyundai, said. Global crude oil prices fell to US$44 a barrel at the end of December 2008 from US$150 a barrel at the end of July, driving down margins at South Korean refineries. (January 19, 2009)