Refiners' Exports Hit Record High In 2018

Fakhir Rizvi Published January 23, 2019 | 04:43 PM

Exports of oil and related goods by South Korean refiners reached an all-time high last year on strong demand and higher oil prices, industry data showed Wednesday

SEOUL, (UrduPoint / Pakistan Point News - 23rd Jan, 2019 ) :Exports of oil and related goods by South Korean refiners reached an all-time high last year on strong demand and higher oil prices, industry data showed Wednesday.

The four oil refiners in South Korea -- SK Energy, GS Caltex, S-Oil and Hyundai Oilbank -- shipped 494 million barrels of petroleum products, up 4.6 percent from a year earlier, according to data compiled by the Korea Petroleum Association.

In terms of value, exports of oil and related goods reached US$39.

96 billion, surging 33 percent from a year earlier, the data showed.

Exports to China amounted to 107 million barrels last year, accounting for 22 percent of total outbound shipments. This was followed by Taiwan with a share of 12 percent, Japan with 11 percent and Australia and Singapore with 9 percent each.

The data showed that diesel accounted for 38 percent of the total outbound shipments, followed by jet fuel with 19 percent, gasoline at 17 percent and naphtha at 9 percent.