Exports of oil and related goods by South Korean refiners reached an all-time high in the first three months of the year on firm demand and higher oil prices, industry data showed on Wednesday.
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 117 million barrels in the first quarter of the year, rising 6.5 percent from a year earlier.
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(Yonhap) |
In terms of volume, the tally marks the highest for any first quarter, the data showed.
By value, their exports jumped 66 percent on-year to reach $7.45 billion in the January-March period on the back of a rise in export prices. The average export price of such goods reached $63.3 per barrel in the first quarter, sharply up from $40.6 per barrel a year earlier, the data showed.
Exports to China amounted to 21 million barrels in the first three months of the year, accounting for 18 percent of total outbound shipments, followed by Singapore with a 15 percent share, Australia with 12 percent, Japan with 9 percent, Taiwan with 8 percent and the US with 7 percent.
Given the current trend of rising oil prices and firm demand, exports of oil and related goods by the refiners may exceed $30 billion this year, the association said.
Aided by increased exports and higher refining margins, the country's major oil refiners are projected to rack up decent earnings this year.
Last year, the country's four major oil refiners -- SK Innovation, GS Caltex, S-Oil and Hyundai Oilbank -- logged a combined operating income of 8.03 trillion won, an all-time high figure. (Yonhap)
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