Korean refined petroleum exports in 10-yr highest gain '21, to keep up growth this year

Exports of South Korean petroleum products last year surged 55 percent from a year ago, the highest annual growth in a decade, and will likely maintain gains this year.

According to the Korea Petroleum Association on Thursday, domestic oil companies, including SK Energy, GS Caltex, and S-Oil, exported $33.2 billion in petroleum products such as gasoline and kerosene.

They would have retrieved more than of half in their total spending of $62.1 billion to import crude last year through exports.

Exports gain of 55 percent was highest since 2011. In value, exports neared $35.3 billion in 2019, before the pandemic outbreak, as local refiners shifted business focus to more high-value products.

Export price of gasoline and lubricating oil averaged at $81 and $130.4 per barrel, respectively, to keep up average price at $79.2 in exports.

Exports of gasoline jumped 124 percent to $7.8 billion, a feat during the ongoing standstill in passenger air transportation.

The biggest export market was China, taking 21.5 percent despite a fall of 28.4 percent in shipments. Exports to Australia surged 49 percent.

Global demand for petroleum products will likely stay solid this year as well. The International Energy Agency (IEA) predicted demand would increase 3.4 percent from a year ago. The Federation of Korean Industries this year’s exports of petroleum products would reach $43.8 billion this year.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]