South Korean oil refiners face tough 2010

摘要

Seoul-South Korean oil companies, which are yet to recover from 2009's global slump and poor margins, face a tougher challenge in 2010 as they strive to maintain profitability and meeting governmental greenhouse gas emission reduction targets. Refiners are bracing for diminished growth as they plan to spend more next year to meet targets. That, in turn, could taper new and non-emission reducing investments in oil facilities, industry sources said. The government's targets also focus on scaling back oil product consumption, another potential setback for refiners' sales and profitability, they added.