S-Oil CEO buys stocks to boost prices

SEOUL, June 22 (Yonhap) -- The chief executive of S-Oil Corp., a major oil refiner operating in South Korea, has bought 68 million won (US$56,000) worth of S-Oil stocks in an apparent move to boost its share prices amid the spread of the coronavirus, the company said Monday.

The stock purchase by Hussain A. Al-Qahtani on Friday also demonstrates his commitment to overcoming the crisis caused by the COVID-19 outbreak, the company said.

For the January-March period, S-Oil posted a net loss of 880.6 billion won, shifting from a net profit of 113.6 billion won a year earlier.

S-Oil said the net loss is blamed on inventory losses caused by low crude oil prices and falling refining margins stemming from the coronavirus pandemic.

Saudi Aramco, the world's largest oil company, is currently the top shareholder of S-Oil, with a 63.41 percent stake.

entropy@yna.co.kr
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