The country ’ s four refiners have seen sharp growth in earnings this year as they ride a boom in petrochemicals exports despite mounting blame for spiraling fuel prices at home and a murky outlook for the global economy . SK Innovation , GS Caltex , S - Oil and Hyundai Oilbank are among few local corporations that beat estimates in the third quarter of the year as deteriorating economic conditions took their toll on their export - driven businesses . The four make up about 90 percent of total domestic petrol supplies . Combined revenue for 147 listed firms with assets of 2 trillion won ( $ 1 . 8 billion ) or more plunged nearly 40 percent on - year during the three - month period , according to the Korea Exchange and the Korea Listed Companies Association . To the third quarter of the year , their total net profit dropped 17 . 4 percent to 55 . 6 trillion won . “ The upbeat results are attributable to a boom in the global petrochemical industry , ” an industry official said . “ Though we are basically losing money in the domestic market largely because of paper - thin margins , demand for exports has been quite good throughout the year . ” By company , SK Innovation , the nation ’ s top refiner , raked in more than 51 . 4 trillion won in sales in the first nine months of this year , up 28 . 5 percent from the same period a year ago , boosted by the selloff of its Brazilian unit . Operating profit and net income shot up more than 70 percent and 213 percent to nearly 2 . 6 trillion won and 3 . 2 trillion won , respectively . GS Caltex saw a 38 percent jump in sales during the nine - month period on - year to almost 35 . 3 trillion won , while its operating profit and net profit soared about 125 percent and 90 percent each . Its exports have already exceeded last year ’ s volume as overseas demand soars for petrol products and lubricants . Sales of S - Oil also surged 57 percent to the third quarter from a year earlier to top 22 . 6 trillion won , while Hyundai Oilbank ’ s revenue also went up 44 percent to nearly 13 . 7 trillion won . Oilbank , the country ’ s smallest refiner is gearing up for one of the hottest initial public offerings next year on Seoul ’ s main bourse , KOSPI . It is expected to raise nearly 1 . 7 trillion won in the IPO slated for May . But the major refiners were accused early this year of making huge profits at the expense of consumers and heaping inflationary pressure by constantly hiking retail petrol prices . Company officials claim that their margins have already toughed rock - bottom levels and tax takes up the biggest chunk of the price tag . Under public and political pressure , the refiners lowered price at gas stations by 100 won per liter between April and June . But costs rebounded again soon after and inflation hovered around 4 percent . In May , the four firms were slapped with fines of 434 . 8 billion won by the antitrust regulator for collusion in managing gas stations . By Shin Hyon - hee ( heeshin @ heraldm . com )