S. Korea's oil products exports up by 8.9%

South Korea’s exports of oil products rose 8.9% in 2012 from the previous year, contributing 10.3% to the country’s overall exports which amount to US$56.2 billion, compared to US$51.6 billion in 2011.
 
According to the Korea Petroleum Association, the strength in exports of oil products is due to the efforts of the local refiners to diversify their markets, and the shift from domestic to overseas opportunities. Moreover, the four leading local refiners SK Innovation Co., GS Caltex Co., S-Oil Corp. and Hyundai oil Refinery Co. have invested a combined KRW 11 trillion (US$10.3 billion) to upgrade their facilities over the past five years.
 
Despite the prolonged global economic downturn, exports of oil products to Southeast Asian countries in 2012 grew by 19% year-on-year. The ratio of exports of the four refiners in the first nine months of 2012 reached an average of 57% of their total sales. (January 8, 2013)