Although South Korea looks set to benefit from the dramatic drop in oil prices, there are victims. The country’s top oil refiner, SK Innovation, recorded a deficit last year for the first time since the energy crisis 36 years ago. SK Innovation posted a $204 million operating loss because of sluggish demand and an inventory loss because of the sharp drop in international oil prices. The company’s chemicals division made a reasonable profit of about $300 million, but this was more than wiped out by an $824 million loss in the oil-refining business.
