South Korea oil product exports up 10%

South Korean refiners posted strong exports of petroleum products in 2006, though domestic sales were anemic due to a slowdown in the local energy market, a trade group said. Overseas shipments of oil products by industry leader SK Corp. and four other refiners rose 10.1% year-on-year to 289 million barrels last year, the Korea Petroleum Association (KPA) said. “Exports of oil products have been increasing since sales topped US$10 billion in 2004,” a KPA official said. Diesel oil accounted for the largest portion of petroleum exports with US$7.1 billion, followed by jet fuel with US$5.1 billion and Bunker C with US$2.9 billion. (January 25, 2007)