Petroleum product exports by Korea’s four major oil refineries — SK Energy, GS Caltex, S-Oil, and Hyundai Oilbank –- hit an all-time high of US$16.3 billion (about 22 trillion won) in the third quarter. They recouped 60 percent of their money spent on purchasing crude oil by exporting petroleum products.

Petroleum products, which ranked sixth in exports in the first to third quarters of 2020, took second place after semiconductors among export items during the same period of 2022.

The Korea Petroleum Association announced on Oct. 27 that the quantity and value of petroleum products exported by the four refineries in the third quarter of this year reached a record high thanks to an increase in the export unit price. Experts estimate that they exported 133 million barrels, earning US$16.43 billion. Compared with the third quarter of 2021, they logged a 19 percent increase in export volume and 81.2 percent in export value.

Their cumulative export volume and value in the first three quarters of this year reached 354.33 million barrels and US$44.37 billion (about 56 trillion won), respectively, the highest ever for the first three quarters. Compared to the same period of 2021, their export volume inflated 15.2 percent and their export value 91.4 percent.

The ratio of petroleum product export value to crude oil import value was 60.2 percent during the first three quarters of this yer. The percentage exceeded 60 percent for the first time.

By product, diesel exports expanded by 46.8 percent, jet fuel exports by 20.2 percent, gasoline exports by 16.7 percent, and naphtha exports by 5.1 percent.

By country, 20.6 percent of their petroleum product exports went to Australia, 13.3 percent to Singapore, 7.3 percent to Malaysia, 6.9 percent to the Philippines, and 6.6 percent to China. “By the end of 2022, their exports are expected to reach US$63 billion (about 89 trillion won),” said an official from the Korea Petroleum Association.
Source: Business Korea