April 26, 2024

• 

[THE INVESTOR] South Korea’s petrochemicals exports are estimated to have reached an all-time high last year, industry data showed on Jan. 2.

According to the data, exports of petrochemicals produced by South Korea’s four oil refiners were tallied at 490 million barrels last year, which surpassed the previous record high of 477 million barrels in 2015.

Aided by increased exports, the country’s four oil refiners, SK Innovation, GS Caltex, S-Oil, and Hyundai Oilbank are projected to have racked up a record high operating income of 7 trillion won (US$5.79 billion) last year, on the back of rising oil prices and improved refining margin.

In the first three quarters of last year, the four companies posted an accumulated operating income of 5.68 trillion won and during the fourth quarter, they are estimated to have logged a combined operating income of 1.5 trillion won. Thus their record performance appears to be imminent as the previous best was 6.81 trillion won set in 2011.

(theinvestor@heraldcorp.com)