S-Oil plant shutdown to cause $55.7 mn in daily revenue loss

[Photo by Yonhap]

S-Oil Corp. halted operations at certain facilities within its Ulsan Onsan plant following a fire. The company projects daily revenue losses of about 77 billion won ($55.7 million), with the timeline for recovery to be determined by a joint investigation with government agencies.

S-Oil announced the suspension of its paraxylene (PX) production facilities at the Onsan plant on Monday. This decision follows a fire that occurred on July 28th, 2024, and lasted for about three hours in the morning. The estimated daily revenue loss due to the production halt is around 7.67 billion won.

The fire-affected PX process is located at the end of the interconnected production line, and other final products and intermediates outside the PX system were not affected by the fire. S-Oil plans to minimize revenue losses by selling intermediate raw materials.