South Korea’s oil refineries are reviving global demand for export products

Industrial Complex (Yonhap) with South Korea’s major petrochemical companies’ production centers in the southern port city of Ulsan

South Korea’s oil refineries posted their first exports in the third quarter in 18 months, the report said on Tuesday.

Combined shipments of oil and petroleum products from SC Energy, GS Caltex, S-Oil Corporation and Hyundai Oil Bank reached 111.8 million barrels between July and September, up 0.6 percent from a year ago. Report of the Korea Petroleum Association.

Since the outbreak began worldwide in the first quarter of last year, the trend has continued for six consecutive quarters.

Total transportation was estimated at $ 9.03 billion, an increase of 69.6 percent over the previous year, the report said.

This is the first time since the third quarter of 2019 that exports have reached more than $ 9 billion.

The report notes that global demand for oil and gas products has risen again as major economies gradually open their borders and reduce epidemic limitations in the early stages of COVID-19.

Singapore is the largest importer, with 14.3 percent, followed by the United States and China with 13 percent. Japan ranks 12.1 percent, followed by Australia at 9.6 percent.

China fell to third place as South Korean companies appeared to be moving faster than Beijing in June, in response to China’s surprise increase in import duty on light-duty oil imports, according to the report.

Diesel accounted for 40 percent of the country’s exports, including 23 percent for gasoline, 17 percent for aviation, and 8 percent for diesel. (Yonhap)

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