The Korea Herald reported that Hyundai Oilbank's earnings grew by 226% in the third quarter of 2022 alone.
The petroleum and refinery company in South Korea earned S$2.9 billion (2.8 trillion won) as a result.
As a reward, its employees received 1,000% of their yearly salary, or bonus pay equivalent to 120 months.
While Hyundai Oilbank did not disclose the exact amount of bonuses it distributed in 2021, its employees apparently got bonuses at a rate of 600 percent.
This works out to around S$764,000 (726 million won) per individual on average.
A member of the industry who wished to remain anonymous cited Russia's prolonged invasion of Ukraine and increased heating demand over the winter as the reasons for the increase.
The Organization of the Petroleum Exporting Countries (OPEC) and its coalition of oil-producing nations voted recently to retain a program to reduce oil output by 2 million barrels per day.
This has resulted to a decline in supply, which has increased the price of oil worldwide.
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