Joining me is CFO JW Bong, IR team leader JW Ahn, and IR team members. Allow me to go over the financial highlights for Q3 2023. S-Oil recorded KRW 858.9 billion in Q3 operating income, which sharply went up quarter on quarter. The bearish Asia refining margin in Q2 made a steep turnaround, driven by strong demand in summer driving season and air travel peak season. It was the biggest contributor to a jump in operating income from the previous quarter. We had heavy T&I of major processes from early June and completed it one by one from end of June until middle of July, during when refining margin was at its lowest of the year. Startup coincided with the refining margins turnaround, which minimized the opportunity loss. International oil price jumped during Q3 in reaction to OPEC+'s voluntary output cut and the decision to extend it. This resulted in roughly KRW 230 billion in inventory-related impact, which more than offsets roughly KRW -190 billion inventory-related loss in the first half of the year. As for the refining margin, global demand for refined product has been growing constantly despite economic uncertainties that have been lingering since the beginning of the year. The combination of demand recovered from pandemic shifting to endemic and summer peak demand in the Northern Hemisphere put latest outlook on this year's oil demand growth in between 1.8 million barrels per day-2.4 million barrels per day, which is very decent. Although post-pandemic run rate in the global refining industry went up, it did not fully catch up with the speed of demand growth, causing global refined product inventory to fall below historical levels. We believe seasonal demand spikes for refined products, factors like startup delays in new facilities or interruption of existing ones that cause unexpected fluctuation in demand and supply could easily push up refining margin as it did in Q3. In this sense, we think Asia refining margin, which went down this month as summer peak season came to an end, will be able to bounce back when demand for heating oil picks up in winter. Next is about external financing for Shaheen project, which is making a smooth progress. The company agreed on major terms and conditions for KRW 780 billion in shareholder loan and KRW 700 billion in standby credit lines. We also signed KRW 1 trillion in bank loan agreement and secured both shareholder loan and bank loan at competitive rates below market interest rates. This minimized the company's financing cost at a time when the market environment is dictated by high interest rates. KRW 1 trillion in bank loan, in particular, is policy-backed loan for investing in facilities emitting less carbon than conventional ones. It is a highly competitive low-interest facility loan. With low debt to equity ratio and outstanding cash generation capacity, we will be able to move on with the project as planned, maintain appropriate level of shareholder return and sound financial structure, even when assuming conservative marketing environment scenario during the project period. The company is throwing company-wide capabilities into successful completion of Shaheen project to take advantage of petrochemical upcycle in the midterm and to respond to energy shift in the longer term. We are, and we will keep pulling our best resources to take our corporate level to a higher level through the project's success. Team leader JW Ahn will take over from me to share Q3 performance and other details. Thank you. Good morning. This is JW Ahn, leading S-Oil IR team. Before going through the materials, please be noted that Q3 2023 financial results are provisional and subject to change according to outside independent auditor's review. Let me first touch on Q3 2023 performance and outlook. Please go to page five for Q3 2023 financial results. The company's revenue in Q3 rose by 15.1% quarter-on-quarter to approximately KRW 9 trillion. This is attributable to increased sales volume after the end of major T&Is and higher oil price compared to the previous quarter. Q3 operating income stood at KRW 858.9 billion, far outperforming cumulative operating income of KRW 552.1 billion in the first half of the year. By segment, refining business contributed the most with a major turnaround as S-Oil's refining margin and international oil price resulted in inventory-related gains. As for petrochemical and lube, operating income in both segments declined quarter-on-quarter due to one-off opportunity loss associated with regular T&I of some processes that ended in July and lower seasonal demand. For your reference, G&I impact and inventory impact on the company's Q3 gain loss is -KRW 146.1 billion and KRW 234.3 billion. For finance and other income, the company incurred KRW 89.5 billion in FX loss due to higher FX and recorded KRW 737 billion in income before tax in Q3. But we have the company's FX risk management policy that offsets FX loss on the non-operating side with FX gains on the operating side on an annual basis. The company's cumulative operating income and income before tax up to Q3 2023 is KRW 1.411 trillion and KRW 1.0581 trillion. Next is the company's financial status. Cash stands at KRW 1.47 trillion as of the end of Q3 this year, which is an appropriate level from income generation and external financing, despite expenditures on Shaheen project. It is smaller than the previous quarter because working capital went up after the end of G&I and higher international oil price. Net debt to equity ratio as of the end of Q3 is 54.2%. It is slightly higher than the end of previous quarter, but we are still maintaining stable financial structure. As for profitability indicators, return on equity marked 12.1%, and return on capital employed recorded 11.1%, driven by a sharp increase in operating income in Q3. Accumulated EBITDA up to Q3 recorded KRW 1.534 trillion. Now, I will go into market environment and outlook by each business segment, starting with the refining business. In Q3, refining business recorded KRW 666.2 billion in operating income, which is KRW 958.3 billion higher than the previous quarter. Asia refining margin sharply rebounded on the back of strong demand in summer driving in the Northern Hemisphere and air travel peak season. On the supply side, run rate adjustment in some old refining facilities in Europe and elsewhere owing to unusually hot weather, partial facilities interruptions, and ramp-up delays in some new refineries in and out of the region failed to bring enough supply to the market, resulting in lower inventory and higher margins. Thanks to these factors, Singapore refining margin jumped from $0.90 per barrel in Q2 to $7.13 per barrel in Q3, and it became the primary contributor to the company's performance improvement. Dubai crude price went up significantly from $75 per barrel in June average to $93.3 per barrel in September average. OPEC+'s announcement an additional output cut and period extension on the supply side serves as the key momentum for the oil price rally. As for Q4 outlook, we are projecting healthy Asia refining margin as demand will go up in winter amid low global inventory levels and conditions pointing to limited supply increase. Entering into October, refining margin adjusted downwards led by gasoline, this largely owes to the end of peak summer season. With stockpiling activities for heating in winter starting this year, we believe refining margin will return to its bullish momentum that it did in Q3. The fact that new refining facilities have started up or are targeting startup this year are going through slow startup moves the industry to forecast that the tight supply situation won't go away in the near future. By product, we are expecting kerosene, jet fuel, and diesel to drive up refining margin in Q4. And based on our outlook, kerosene and jet fuel spread will be supported by winter heating oil demand growth and continued recovery of travel demand. Diesel spread will remain firm, driven by yield shift to meet kerosene demand in winter. And further details on the latest refining business environment and outlook will be shared in key business updates. Moving on to petrochemical business. Petrochemical business recorded KRW 45.4 billion in Q3 operating income as olefin downstream margin deteriorated. Starting off with aromatics, PX spread in Q3 stood at $425 per ton, which changed little from the previous quarter, and benzene spread slightly fell from the previous quarter to stand at $251 per ton. Gasoline blending demand for feedstock aromatics during gasoline high season remained solid. An additional demand from new large-scale downstream facilities worked in favor of aromatics market environment. Aromatics spread may slightly adjust itself in Q4 when gasoline blending demand moderates with gasoline market environment entering into low season and aromatic production goes up. However, we believe the market will get a boost when regional downstream facilities start up after completing T&I schedules in September and October. As for olefin downstream, PP and PO market in Q3 stayed weak due to new startups in the region, continuing downturn in Chinese manufacturing, real estate and construction industries, and shrinking downstream demand. Spread of PO, in particular, sharply went down quarter-on-quarter as new facilities started up in China at the end of June. We expect olefin downstream product demand to gradually get better in Q4 since China's consumer demand usually picks up before and after national holiday holidays, which support PP and PO markets. Also, China's consumption indicators have recently improved a little. The spreading perception that the current margin level is at the bottom level, where some players have no choice but to adjust down their run rate, is projected to support olefin downstream market conditions. Moving on to lube. Lube Base Oil recorded KRW 147.2 billion in Q3 operating income. LVO spread in Q3 contracted quarter-on-quarter as off-peak season stagnated demand, major suppliers completed their scheduled maintenance, and lagging effects where feedstock price jumps get reflected in product prices with a time lapse. It posted $55.2 per barrel, which is a healthy one above historical average levels. In Q4, some suppliers have scheduled T&I, and Lube Base Oil supply could be limited if strong winter diesel demand causes yield adjustment. Demand from customers could gradually recover after low season. Given this, we forecast Lube Base Oil spread to show a modest upturn. Next, I will share the key business updates with you. First is global refined product inventory decline. Graph at the left shows trend of gasoline, kerosene, diesel, and heavy fuel stocks in major refined product trading hubs in U.S., Europe, Asia, and the Middle East. Global refined product inventory in 2023 marked in green was slightly high in the first half of the year, but it's going down in the second half of the year consistently below the range in 2017, which was three years before the pandemic, and in 2019. In particular, inventory of diesel, kerosene, and jet fuel is at a low level across major regions like U.S., Europe, and Singapore. This year's inventory level, as well as last year's, is at their lowest since 2015, and this leads us to project an upward pressure on kerosene and diesel spread towards winter when heating demand goes up. The overall inventory decline of refined products is supported by solid fundamentals on the product demand side. Concerns around economic recession arising from monetary tightening policies in the U.S. and other major countries around the world, and subsequent questions over energy demand existed in the market. Demand recovery of refined products for industrial use, which are affected by manufacturing, real estate, and construction industries, was rather slow. While demand for transportation fuel for vehicles and airlines is showing a healthy recovery throughout the year. Oil demand growth outlook for this year by major institutions ranges from 1.8 million BPD-2.4 million BPD, which is very decent. By product, demand for gasoline in the first three quarters of the year grew by roughly 860,000 BPD year-on-year. Demand for kerosene and jet fuel also jumped by 1 million BPD during the same period. Diesel, by contrast, grew relatively less as industrial demand was weak. Demand for jet fuel recovered to 87% of pre-pandemic levels, which suggests there may be demand for further recovery in the future. By region, demand grew by 550,000 BPD in China, driven by reopening this year. Demand also grew evenly in Asia, other than China, North America, Middle East and Europe. Next is progress of financing for Shaheen project. Total investment is KRW 9.258 trillion, out of which KRW 2.65 trillion or 29% will be financed externally. We will borrow KRW 780 billion, which is $600 million in the green bond, a shareholder loan from Saudi Aramco, which is the company's majority shareholder, to save costs of financing. The company agreed on the major terms and conditions and secured interest rate that is lower than that of normal facility loans from local and global financial commercial banks. For bank loans, the company completed KRW 1 trillion low interest facility loan agreement. It is a policy loan for investments into less carbon emitting facilities per intensity compared to existing facilities, and we have completed assessment and verification procedures for external certification agencies. By financing long-term facility loans at a very low interest conditions at the early stage, we secured investment funds for the project and saved sizable amounts of financing costs at the same time. As for the corporate bonds, our plan is KRW 870 billion, which we will issue at the optimal timing from 2025 with consideration into bond market conditions and interest levels based on the company's outstanding credit rating. These diversified financing options will allow us to respond to uncertainties in the future financial market by optimizing execution timing and minimizing financing costs. For your information, Shaheen project is making a smooth progress as planned, with site preparation making a 31.4% and EPC 13.9% progress as of the end of September. We plan to communicate concrete progress of the project with analysts and investors on a regular basis. This is the end of my presentation. Thank you. Please wait, this presentation in Korean has not finished yet. Now Q&A session will begin. Please press asterisk one, asterisk and one if you have any questions. For cancellation, please press asterisk two, that is asterisk and two on your phone. The first question will be given by Yoon Jae-sung from Hana Securities. Please go ahead. My first question has to do with the refinery capacity addition, which is scheduled for this year and up to next year and above. My second question is about the market situation that is getting better. This resulted in higher cash flow. If this level of cash flow is maintained, is there any chances for you to raise a dividend payout ratio? 신규 정제 설비에 대한 투자가 수요 증가에 미치지 못하는 초과수요 상황이 지속될 것으로 전망하고 있습니다. As for your question for the global refining capacity expansion, it is hard for us to find out the exact timeline of the capacity addition. The major institutions provide a wide range of outlook for this. We can provide the long-term based outlook of the financial institutions. The range of net capacity expansion schedules ranges from 4.2 million BPD and 4.5 million BPD between 2023 and 2030. Demand growth is expected to reach over 7 million BPD. This means that excess demand situation where demand growth outstrips investment in the new refining capacity is expected to continue under global energy transition and greenhouse gas reduction trends. 몇몇 기관에 따르면 연도별로는 2024년에는 100만 BB에서 140만 BPD, 2025년에는 100만 BPD 전후, 2025년 이후에는 100만 BPD 미만의 순증설이 있을 것으로 예상되고 있으며, 2025년 이후부터 순증설 물량은 점차적으로 감소할 것으로 전망되고 있습니다. According to several institutions outlook based on each year, net capacity addition is expected to range between 1 million BPD and 1.4 million BPD for 2024, and it would be around 1 million BPD for 2025. After 2025, less than 1 million BPD of net capacity addition is expected. Afterward, it is expected to gradually go down. 다만 프로젝트별로 정상 가동까지 걸리는 기간이 짧게는 6개월, 길게는 1년 이상도 소요될 수 있어, 이들 신규 프로젝트가 실제 시장에 영향을 미치는 시점은 프로젝트별로 상이할 것으로 예상하고 있습니다. It is expected to take up to more than a year from six months for the normal operation and the startup of this project, depending on the project. The exact impact it will have on the market will be different depending on the project. CFO 강주환입니다. 배당성향 증가 가능성에 대해서 질문하셨는데요. 회사가 지난 10월 배당 가이드라인 공시를 통해서 안내해 드린 바와 같이 회사는 대규모 프로젝트가 진행 중임에도 불구하고 주주가치 보호를 위해서 금년과 내년도 당기순이익의 20% 이상을 배당으로 지급하는 계획을 발표했습니다. 이는 프로젝트 진행이 초기 단계임을 감안한 보수적 관점이 반영된 것이고, 당초에도 본 프로젝트에 대한 투자 재원 확보가 일정 수준 이상 마무리된 이후에는 투자 기간 중이라도 배당 성향을 다시 상향할 수 있을 것이라고 말씀드린 바 있습니다. This is CFO speaking. For your question on the chances of raising a dividend payout ratio. In July, we have provided dividend guidance. As it mentioned in there, even we are in the middle of progressing large scale project, we will maintain the dividend payout ratio of 20% of net income or above to protect shareholder value. As we are still at the early stage of the project, a conservative business case scenario was reflected to this. Once our funding for the investment is secured above a certain level, we said that we may be able to raise our dividend payout ratio even during the project period. 말씀하셨듯이 당사도 향후 수년간 정제 마진 호조가 이어질 것으로 전망하고 있고, 따라서 견조한 이익을 창출할 수 있을 것으로 전망하고 있습니다. 이에 프로젝트 기간 후반부에 가서 투자 재원 확보가 일정 수준 이상 마무리되면 배당 성향 상향도 가능할 것으로 봅니다. As was mentioned, the company is expected to create a healthy income based on bullish refining margin scenario for the coming years. This will make us raise dividend payout ratio once we secure investment funding above a certain level at the later stage of the project. 단기적으로는 아직 프로젝트가 초기 단계이고 아직 세계 경제 등 불확실성이 크기 때문에 당초 안내해 드린 배당 가이드라인을 준수하는 수준에서 아마 결정될 거고, 최종적인 배당 의사 결정은 내년 3월에 있을 이사회와 주주총회에서 결정될 예정입니다. Since we are still at the initial stage of the project and as global economy situation comes with uncertainties, we are expected to make decisions complying with the dividend guidance we have provided. The final decision is subject to the board and ordinary general meeting of shareholders, which will be held in March next year. 네, 이상으로 답변을 마치겠습니다. This concludes my answer. 다음으로 질문해 주실 분은 신한투자증권의 이진명 님입니다. 질문해 주십시오. The following question is by 이진명 from 신한투자증권. Please go ahead. 네, 안녕하세요. 신한투자증권 이진명 연구원입니다. 먼저 질문 기회 주셔서 감사드리고요. 저는 세 가지 질문드리고 싶은데, 먼저 첫 번째로 정유 쪽에서 저희가 작년 같은 경우에는 가스 가격이 좀 큰 폭으로 올라가면서 gas to oil switching 수요가 발생을 했는데 최근에 아직 가스 가격 레벨 자체가 작년 대비 낮긴 하지만 이번 겨울철에도 그런 발생할 가능성이 있는지에 대해서 말씀해 주시면 감사하겠고요. 그리고 두 번째 질문은 지금 중국의 수출 쿼터가 3차까지 발표가 됐는데 향후 추가적으로 발표될 가능성이 있는지에 대해서 말씀해 주시면 감사하겠습니다. 그리고 마지막 세 번째 질문은 저희 샤힌 프로젝트 기간 중에서 차입금이 계속해서 증가할 텐데 금리 관련해서 변동 금리인지 고정 금리인지 그리고 이에 따른 금융 비용 예상 규모 말씀해 주시면 감사하겠습니다. 이진명 from Shinhan Securities. Thank you for giving me the opportunity to pose my question. I have three questions. Recently, natural gas price increased, last year we had seen the gas to oil switching. Do you expect this to happen again in this winter? My second question has to do with the possibility of export quota issuance from China. Will it be issued for the third time this year? My third question is about your borrowing for Shaheen project. External borrowing may increase with the progress of the project. Can you tell us more details such as variable or fixed interest rate or the expected financing cost for the project? 먼저 겨울철 gas to oil switching 발생 가능성에 대해서 질문 주셨습니다. 답변드리면 최근 유럽 천연가스 가격이 영내 해저 가스관 파손, 이-팔 분쟁 지역 인근 해상 가스전 가동 중단 등의 요인으로 상승한 바 있습니다. 이에 발열량 기준 환산 가격으로 비교시 천연가스 가격이 LSFO 혹은 HSFO보다 가격이 높아지면서 유럽 지역 내에서 추울 오일에 의한 천연가스 수요 대체가 일부 발생할 것으로 전망되고 있습니다. 다만 아직 천연가스 가격이 경유 가격에는 미치지 못하고 있는 상황으로 gas to oil switching의 추가 확대 여부는 동절기가 진행되면서 좀 더 시장 상황을 지켜봐야 하는 상황입니다. First, on your questions about the chances of gas to oil switching in this winter. Recently, European natural gas price increased because of the damages to natural gas pipeline and the shutdown of the gas fields on sea near area of conflict between Israel and Hamas. On a dollar per MMBTU basis, the price of natural gas climbed up more than that of LSFO and HSFO. This may push some European regions to replace natural gas with fuel oil. However, still the price of natural gas is not reaching the price of diesel. We have to monitor market situation more to find out whether gas to oil switching will occur in winter or not. 다음은 중국 정유 제품 수출 쿼터에 대한 질문에 답변드리겠습니다. 중국 상무부에서 금년 세 차례에 걸쳐 현재까지 발행한 정질유 수출 쿼터는 약 4,000만 톤 규모로 전년도 연간 총 발행 규모를 소폭 넘어서 있는 수준이며, 이 중 3분기에 발행된 물량은 1,200만 톤입니다. As for your question on the chances of issuing export quota from China. Chinese Ministry of Commerce issued export quota for light oil three times this year, which amounts to 40 million tons. This is slightly higher than the total export quota issued last year. In Q3, only the issued export quota was 12 million tons. 3분기에는 중국의 정유 제품 수출이 3차 수출 쿼터 발행과 정제 마진 개선의 영향으로 소폭 증가하였지만, 이러한 수출 물량 증가에도 불구하고 3분기 정제 마진은 견조한 수준을 유지해 왔습니다. In the third quarter, the issuance of third export quota and improvement in refining margin pushed up export of Chinese refining products. However, still refining margin remained firm. 지난 9월 말 중국 정부의 입장을 참조하여 정유 제품 수출 쿼타 잔여분이 발행될 가능성이 높지 않을 것이라는 뉴스가 보도된 바 있습니다. 이로 인해 금년도 중국 정유사들의 수출 쿼타 잔여분이 충분치 않아 연말까지 수출 물량이 감소할 수 있다는 업계 내 분석이 나오고 있습니다. There was a news report in late September referring to Chinese government view that the chances are not high for issuing the fourth export quota. The industry expects exports to go down because not enough export quota is remaining. 지난 1분기 중국의 경질유 수출 물량은 평균 90만 BPD 수준이었습니다. 업계의 기관들은 남아있는 잔여 쿼터로 추정해 보면 금년 남은 기간 동안 중국의 정유 제품 수출은 1분기 수준 대비해서 감소할 가능성이 높다고 내다보고 있습니다. From Q1 to Q3, light oil export from China reached around 900,000 BPD. Based on the remaining amount of quota, the export from the remaining period of this year is expected to be less than that of Q1 from Q1 to Q3. 이것으로 중국 관련 답변에 마치겠습니다. This concludes my answer. 세 번째 질문에 대해서 답변드리도록 하겠습니다. 실적 발표 본문에서도 말씀드린 바와 같이, 샤힌 프로젝트 총 투자금액 중에서 약 29%가 내부에서 조달할 계획입니다. 이 중 시설자금 대출과 최대 주주 대여금은 각각 CD 금리, 1년물 산금채, 그리고 SOFR 금리에 연동되는 변동 금리가 적용되며, 고정 금리인 회사채의 경우에도 향후 회사채 시장과 금리 상황을 고려하여 최적 시점에 발행할 계획입니다. As for your question on the financing for Shaheen project, 29% of our financing for Shaheen project will be secured through external financing. As for major shareholder loan and facility loan, we will apply interest rates that is related to CD rates, one-year maturity of Industrial Finance Bonds and SOFR, we will apply a variable interest rate. 이자 비용 규모에 대해서는 현재 금리 수준에 따라서 달라질 것이므로 지금 시점에서 규모에 대해 정확히 말씀드릴 수는 없겠지만, 회사의 총 차입금 규모가 향후 점진적으로 증가하고 이미 금리 인상 전망을 반영하여 이자 비용은 프로젝트 예산에 자본화될 예정에 있으며, 프로젝트 기간 중에 발생하는 기존 차입금에 대한 이자도 일부 자본화되므로 결국 당기 손익에 반영되는 순이자 비용의 증가폭은 2023년도 대비 크지 않을 것으로 분석하고 있습니다. As for the corporate bond you mentioned before, we will apply a fixed-rate interest rate and issue it at the optimal timing given the condition of corporate bond market and interest rate condition. About interest expense, since interest rate level may vary, it is hard to give you exact details at this time. However, as you mentioned, it will go up gradually, we already reflected the interest rate hike outlook for this. Interest rate expense, the capitalized interest expense was already reflected to the project budget, there will be capitalized interest expense for existing borrowing, too. Its impact on the quarterly net income would not be that big compared to the level of 2023. 또한 프로젝트 후반부 2025년 및 2026년으로 갈수록 금리 시장 환경 불확실성 및 고금리 수준이 안정화될 것으로 예상되므로 프로젝트 관련 차입 비용을 최소화할 수 있도록 자금 조달을 최적화할 계획입니다. As we move toward 2025 and 2026, the later stage of the project, we expect interest rates to stabilize and interest rate uncertainties with the financial market to ease. We will optimize our financing plan to minimize borrowing costs for the project. 네, 이상으로 답변을 마치겠습니다. This concludes my answer. [Foreign language] [Foreign language] The following question is by Cho Hyun-ryul from Samsung Securities. Please go ahead. 네, 안녕하세요. 삼성증권 조현열입니다. 질문 기회 주셔서 감사드립니다. 크게 두 가지 질문드리려고 하는데요. 먼저 첫 번째는 이번 분기 실적 발표 자료에도 재고 관련 효과랑 정기 보수 효과 말씀을 주셨는데요. 이 두 부분에 대해서 사업부별 효과가 어떻게 됐는지 공유해 주시면 감사하겠습니다. 그리고 두 번째는 최근에 많은 정유사들이, 국내 정유사들도 바이오 연료 도입 계획들을 속속 발표를 하고 있는데요. SK는 바이오 연료 도입 계획이 있는지, 그리고 혹시 그게 샤힌 외로 봤을 때 지금 추가적으로 도입을 계획하고 있는 신규 사업이 있는지 여기에 대해서 공유해 주시면 감사드리겠습니다. Thank you for giving me an opportunity to pose a question. I have two questions. Can you give me the breakdown of inventory impact and T&I impact based on each business segment? My second question has to do with your new business. Refineries are recently increasing announcing the import of bio fuels. Do you have any plan for that? Other than Shaheen projects, are you considering any new business for your planning? 네, 먼저 부문별 재고 효과부터 말씀드리도록 하겠습니다. 3분기 부문별 재고 관련 효과는 대략적으로 정유 부문 플러스 2,100억 원, 석유화학 부문 플러스 260억 원, 윤활 부문의 경우 마이너스 110억 원 수준입니다. First, about the inventory impact based on each business segment for 3Q, it was plus KRW 210 billion for refining business, plus KRW 26 billion for petrochemical business, and minus KRW 11 billion for base oil business. 네, 정기보수 효과에 대해서는 회사가 6월과 7월에 걸쳐 No.3 CDU, CFU, Hydrocracker, No.2 PX 설비 및 연계 공정 일부의 연차 정비를 수행하였고, 이로 인해 3분기에는 정유 부문 마이너스 670억 원, 석유화학 부문 마이너스 390억 원, 윤활 부문 마이너스 410억 원의 정기보수 효과가 발생하였습니다. As for the T&I impact, the company had T&I for No. 3 CDU, CFU, Hydrocracker and No. 2 PX and related units during June and July. In the third quarter, we had a T&I impact of minus KRW 67 billion for refining business, minus KRW 39 billion for petrochemical business, and minus KRW 41 billion for lube base oil business. 올해 잔여 기간 중에는 중요한 설비 정기 보수가 계획되어 있지 않아 시장 상황에 맞춰 공정 가동을 극대화하여 수익성을 최대화할 수 있도록 하겠습니다. For the remaining year, no T&I is scheduled for our major units. We will try to maximize our process operation given market conditions to maximize our profitability. 다음으로 바이오 연료를 포함한 신사업에 대해서 말씀드리겠습니다. 회사는 에너지 전환에 대비해서 현재 추진 중인 그린 이니셔티브 전략의 일환으로 바이오 연료, 수소 사업 및 폐플라스틱 순환 사업 진출을 계획하고 있습니다. 이를 위해서 사우디아람코를 비롯한 다양한 업체들과 전략적 협력 체계를 구축하고, 발전 사업의 타당성 검토 및 사업 모델 개발을 진행 중에 있습니다. As for your question on new business, including biofuel, as part of a green initiative that the company is pushing forward in response to energy transition, we are planning for biofuel, hydrogen and waste plastic based circular economy business. For this, we are planning to establish a cooperative system with Saudi Aramco and other partners, we are also planning to conduct feasibility studies and business model development. 바이오 연료 사업의 경우 신속한 시장 진입을 위해서 기존 정유 공정에 바이오 연료를 투입하여 바이오 항공유를 생산하는 co-processing을 우선 추진하고, 바이오 연료 전용 공장 설립에 대한 구체적인 feasibility study를 현재 진행 중에 있습니다. As for biofuel business, for the fast entry into the market, we are pushing forward co-processing to produce a biofuel by treating biofuel stock into existing refining process as priority. We are also reviewing the construction of a biofuel-dedicated plant construction. 또한 회사는 폐플라스틱 열분해유를 활용한 순환경제 사업을 추진하고 있습니다. 기존 정유 공정에 폐플라스틱 열분해유를 투입하여 친환경 석유화학 원료 및 제품을 생산하는 co-processing을 위한 규제 특례 승인을 지난 3분기에 획득하였고, 내년도 생산을 목표로 원료 확보 및 공정 설비 보완 작업을 진행하고 있습니다. The company is also pushing forward a circular economy business that utilizes waste plastic-based pyrolysis oil business. We already gained exemption for the regulation to produce green petrochemical products by treating our pyrolysis oil into the existing refining business. For this, we are conducting activities to secure business stock and supplement related equipment. 수소 사업의 경우, 사우디 아람코와 협력을 해서 사우디아라비아에서 생산된 저탄소 암모니아 도입을 추진 중에 있습니다. 해외 저탄소 암모니아 도입을 위해 부두, 저장 시설, 배관 등 인프라 구축을 위해 전략적 파트너사들과 협력 중에 있습니다. 또한 이를 위해서 아람코와 저탄소 암모니아 도입 관련 LOI를 지난 10월 22일에 체결한 바 있습니다. As for the hydrogen business, we are collaborating with Saudi Aramco to import low-carbon ammonia that is produced from Saudi Arabia. We are cooperating to establish infrastructure that includes site and storage facilities and a pipeline for the overseas low-carbon ammonia imports. For that, we have signed LOI with Saudi Aramco on October 22nd for the low-carbon ammonia importation. 다만 샤힌 프로젝트 기간 중에는 미래 성장을 위한 최적 신규 사업에 대한 검토 및 개발에 대한 feasibility study를 수행하는 동시에 투자 부담이 없는 기존 설비를 활용한 co-processing을 우선적으로 추진하고, 대규모 프로젝트가 필요한 경우에는 이는 샤힌 프로젝트 이후에 추진할 계획입니다. 그렇지만 앞서 말씀드린 프로젝트들의 투자 규모는 그렇게 크지 않은 것으로 예상하고 있습니다. However, during the project period, we will conduct a feasibility study for the business that is optimal for future growth. We will put priority on the investment that can utilize existing facilities, for example, co-processing. For the larger project, that will be pushed forward after the Shaheen project. The new business that I just mentioned do not come with a big investment. 네, 이상으로 답변을 마치겠습니다. This concludes my answer. 네, 저희가 준비했던 시간이 다 지난 것 같습니다. S-Oil에 관심을 가지고 오늘 실적 발표에 참여해 주신 애널리스트와 투자자 여러분들께 다시 한번 감사드립니다. I would like to thank analysts and investors for 당사는 시장과의 투명한 소통을 위해 최선을 다하고자 합니다. The results will always 궁금한 점이 있으신 경우 이 시간 이후에도 당사 IR팀으로 연락주시기 바랍니다. 이것으로 오늘 실적 발표를 마치도록 하겠습니다. 감사합니다. Close today's conference call. Thank you very much.