Refining

In 2024, South Korea’s refining capacity stood at 3.27 million barrels per day (b/d). There are five refineries in the country, the largest of which is SK Energy (under SK Innovation Group) in Ulsan with a capacity of 840,000 b/d. SK Innovation has two refineries, SK Energy and SK Incheon Petroleum (275,000 b/d).

The second largest is the GS Caltex’s Yeosu refinery with a capacity of 800,000 b/d, followed by S-Oil refinery with a capacity of 669,000 b/d and Hyundai Oilbank’s refinery with a capacity of 690,000 b/d.