Refiners’ Exports Hit Record High Through Sept.

(image: SK Innovation)

SEOUL, Oct. 26 (Korea Bizwire) — Exports of oil and related goods by South Korean refiners reached an all-time high in the first nine months of the year on firm demand and higher oil prices, industry data showed Thursday.

According to the data compiled by the Korea Petroleum Association, oil and petrochemical goods exported by SK Innovation Co., GS-Caltex Co., S-Oil Corp., Hyundai Oilbank Co. and others reached 352 million barrels in the January-September, rising 1.5 percent from a year earlier.

In terms of volume, the tally marks the highest for any first three quarters, the latest data showed.

Exports to China amounted to 68.76 million barrels in the nine-month period, accounting for 20 percent of total outbound shipments, followed by Singapore with a 12 percent share, Australia with 11 percent, Japan with 9 percent and Taiwan with 9 percent.

Aided by increased exports and higher refining margins, the country’s major oil refiners are projected to rack up decent earnings this year.

(Yonhap)