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S-Oil swings to profit, to diversify portfolio with olefins complex

9:21 AM MDT | July 24, 2014 | Natasha Alperowicz

S-Oil (Seoul) today reported improved second-quarter results and outlined investment plans under new increased ownership by Saudi Aramco, including construction of an olefins complex. S-Oil’s second-quarter net income reached 67.9 billion South Korean won ($66.2 million) compared with a net loss of won22.4 billion in the year-earlier quarter. The company says it succeeded in offsetting operating losses from weak refining margins and strong local currency through foreign exchange hedging. Revenues were up 6.4% to won7.4 trillion but the company recorded an...

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