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Korea's export volume of petroleum products in January and February rose 17 percent compared to a year ago. Korea National Oil Corporation said on Thursday that Korea's top four oil refineries exported 51.57 million barrels during the period, up 7.46 million barrels from a year earlier. The increase is rather unexpected as many have forecast that worldwide oil consumption will decrease due to the global slump.
SK Energy exported 20.29 million barrels in the first two months of this year, up 45 percent on-year. GS Caltex shipped 10.18 million barrels, up 13 percent. Exports of bunker C fuel oil decreased 40 percent, while those of gasoline and diesel increased nearly 40 percent, as domestic oil refineries last year expanded facilities that change cheap bunker C oil into expensive gasoline and diesel at low costs, increasing their export price competitiveness. An official at the Korea Petroleum Association said, "Though the volume of exports increased, the money earned decreased approximately 30 percent since the oil price nearly halved."
Meanwhile, it was reported that sales of petroleum products at home decreased nearly three percent in January and February. The top four oil refineries sold $11.15 million barrels, down from $14.6 million barrels a year earlier.
(englishnews@chosun.com )
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