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South Korean refiners’ exports hit record high in 2018

Seoul - Exports of oil and related goods by South Korean refiners reached an all-time high last year on strong demand and higher oil prices.

Seoul - Exports of oil and related goods by South Korean refiners reached an all-time high last year on strong demand and higher oil prices, industry data showed Wednesday. The four oil refiners in South Korea - SK Energy, GS Caltex, S-Oil and Hyundai Oilbank - shipped 494 million barrels of petroleum products, up 4.6 percent from a year earlier, according to data compiled by the Korea Petroleum Association. In terms of value, exports of oil and related goods reached US$39.96 billion, surging 33 percent from a year earlier, the data showed. Exports to China amounted to 107 million barrels last year, accounting for 22 percent of total outbound shipments. This was followed by Taiwan with a share of 12 percent, Japan with 11 percent and Australia and Singapore with 9 percent each.
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