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S-Oil's Q4 net loss narrows on stronger won

SEOUL, Jan. 27 (Yonhap) -- S-Oil Corp., South Korea's third-largest refiner, said Monday its net loss narrowed in the fourth quarter from a year earlier on the back of a stronger local currency. Its net loss came to 4.6 billion won (US$4.2 million) in the October-December period compared with a net loss of 22 billion won a year ago, the refiner said in a regulatory filing. Sales fell 4.1 percent to 8.04 trillion won in the cited period, and the company posted an operating loss of 52.65 billion won from an operating profit of 35.16 billion won a year before.

Ineos writes down value of UK Grangemouth petchem plant to zero

LONDON (Reuters) - Oil refiner Ineos has written down the value of its Grangemouth, UK petrochemical plant to zero, it said on Friday, further raising the stakes in a complex dispute with workers at the facility who are due to start industrial action next week. The privately owned, Swiss-based refining and chemical plant owner Ineos said it had invested more than 1 billion pounds ($1.62 billion) since taking over at the Grangemouth plant in 2006, but that it continued to lose money.

Europe oil refining crisis to last: lobby

The European oil refining industry is in deep crisis and governments should brace for more problems, a top French oil industry lobbyist said on Wednesday as France scrambled to find a buyer for a site faced with closure. "European refineries are going to continue to suffer, it is something that leaders should understand," said Jean-Louis Schilansky, head of France's UFIP oil business lobby at a news conference. The stark warning came as a French administrators began considering five offers to save a bankrupt oil refinery northwest of Paris from closure.
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