Asian Refiners Ramp Up Output to Fill Supply Gaps Left by Harvey
Even refiners without the capacity to send cargoes to the United States are reaping benefits from the supply crunch caused by Harvey.
"We were running at maximum capacity even before the Hurricane, so we don't really have much room to boost our capacity ... but we expect our profitability to improve," said a source at SK Innovation, parent company of South Korea's top refiner SK Energy.
Shares prices for several major Asian refiners, such as SK Innovation and fellow South Korean S-Oil Corp, have climbed to six-year highs this week as higher margins boosted profit potential. Thailand's Thai Oil climbed to its highest in nearly 10 years, while Taiwan's Formosa Petrochemical also rallied.
(Reporting by Henning Gloystein and Florence Tan in SINGAPORE, Aaron Sheldrick in TOKYO, Jane Chung in SEOUL, and Chen Aizhu in BEIJING; Writing by Henning Gloystein; Editing by Tom Hogue)
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