Oil Refining: 4Q20 Preview and 2021 Outlook

Business Korea | Jan 13, 2021 at 1:36 PM
  • The author is an analyst of Shinhan Investment Corp.
  • Despite unfavorable market conditions, the refining division likely saw operating loss narrow QoQ on inventory valuation gains (KRW54bn) from the rebound in oil prices.
  • Refining operating profit should increase by KRW1.8tr YoY to KRW216.8bn on improvement in oil prices and refining margins (+USD5/bbl).