Most Popular
-
1
10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
-
2
Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
-
3
Second Gimpo civil servant found dead, after apologizing for not finishing work
-
4
DP leader says he will meet Yoon without conditions
-
5
First-ever meeting of president, opposition chief set to finally happen
-
6
NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
-
7
Experts raise concerns about Japan putting pressure on Naver over Line
-
8
Blinken calls on China to press N. Korea to end its 'dangerous' behavior
-
9
Samsung mobile chief, Google device head meet in Seoul
-
10
Ship linked to NK arms shipments to Russia is moored in China: State Dept.
South Korea said Wednesday it will spare no effort to support local petroleum firms hit hard by the new coronavirus outbreak coupled with plunging oil prices.
Under the support measures, local refiners will be given discounts in rental fees at state-run reserve facilities, and they will be allowed to delay their payment of commissions for product quality tests, according to the Ministry of Trade, Industry, and Energy.
"South Korea will continue making efforts to help the companies cushion the crisis and maintain their competitiveness," Industry Minister Sung Yun-mo said during a meeting in Seoul with officials from major refiners, including SK Energy Co. and S-Oil Corp.
Oil refiners have been hit hard by the COVID-19 pandemic, which has weighed down business activities around the globe, with nations rolling out lockdowns that eventually led to weaker demand for petroleum.
The average price of Dubai crude came to $33.71 per barrel in March, down 37.8 percent from $54.23 per barrel the previous month.
Petroleum goods were the fifth-largest export products of South Korea in 2019, with their outbound shipments reaching $40.6 billion, just below petrochemical goods with $42.5 billion.
They both accounted for 15 percent of the county's overall exports.
South Korean oil refiners are expected to face a setback through the second quarter and gradually experience a recovery in the second half, according to the Korea Energy Economics Institute.
Exports were responsible for more than half of local refiners' sales in 2019. (Yonhap)
Under the support measures, local refiners will be given discounts in rental fees at state-run reserve facilities, and they will be allowed to delay their payment of commissions for product quality tests, according to the Ministry of Trade, Industry, and Energy.
"South Korea will continue making efforts to help the companies cushion the crisis and maintain their competitiveness," Industry Minister Sung Yun-mo said during a meeting in Seoul with officials from major refiners, including SK Energy Co. and S-Oil Corp.
Oil refiners have been hit hard by the COVID-19 pandemic, which has weighed down business activities around the globe, with nations rolling out lockdowns that eventually led to weaker demand for petroleum.
The average price of Dubai crude came to $33.71 per barrel in March, down 37.8 percent from $54.23 per barrel the previous month.
Petroleum goods were the fifth-largest export products of South Korea in 2019, with their outbound shipments reaching $40.6 billion, just below petrochemical goods with $42.5 billion.
They both accounted for 15 percent of the county's overall exports.
South Korean oil refiners are expected to face a setback through the second quarter and gradually experience a recovery in the second half, according to the Korea Energy Economics Institute.
Exports were responsible for more than half of local refiners' sales in 2019. (Yonhap)
