May 02, 2024
Industrials
Korean refiners’ exports surge in Q1
[THE INVESTOR] Exports of oil and related goods by Korean refiners reached an all-time high in the first three months of the year, industry data showed on April 26.
According to the data compiled by the Korea Petroleum Association, exports of SK Innovation, GS-Caltex, S-Oil, Hyundai Oilbank and others reached 117 million barrels in the first quarter of the year, rising 6.5 percent from a year earlier. 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 US$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 US$63.3 per barrel in the first quarter, sharply up from US$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.
By Alex Lee and newswires (alexlee@heraldcorp.com)
According to the data compiled by the Korea Petroleum Association, exports of SK Innovation, GS-Caltex, S-Oil, Hyundai Oilbank and others reached 117 million barrels in the first quarter of the year, rising 6.5 percent from a year earlier. 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 US$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 US$63.3 per barrel in the first quarter, sharply up from US$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.
By Alex Lee and newswires (alexlee@heraldcorp.com)
