National petroleum refining industry, third-quarter exports of petroleum products

(Source: Korean Petroleum Association)

[이데일리 남궁민관 기자] Petroleum products exported by domestic refineries recorded the record quarterly record for the third quarter. Despite the recent rise in international oil prices, demand for petroleum products has steadily increased, especially the refining industry has recorded a remarkable growth of exports to Taiwan in the third quarter thanks to the diversification of exporting countries.

On March 23, the Korea Petroleum Institute reported that domestic petroleum products such as SK Energy, Caltex GS, S-Oil and Hyundai Oilbank registered a 4.9% increase over the previous year. petroleum product exports in the third quarter. This is the result of a record 122.64 million barrels in the second quarter, the highest ever. Cumulative exports reached a record $ 365.2 million in the third quarter of this year.

Exports are also increasing rapidly due to the recent rise in oil prices. Exports of petroleum products rose 38.5% to $ 85.1 per barrel in the third quarter, bringing total exports up 45.2% to $ 10.92 billion. Cumulative exports reached $ 29.687 billion, the highest level since 2014, when oil prices exceeded $ 100 a barrel.

In the third quarter, exports exceeded 50% of oil and gas imports. In the third quarter, Korean crude oil imports reached 245.55 million barrels, of which 52% were refined with petroleum products. Of the $ 18.51 billion in crude oil imports, 59% was recovered as exports, creating added value.

The domestic refining industry has been steadily increasing its short-term exports since 2015. Although international oil prices have risen rapidly in recent years, demand for petroleum products is also strong thanks to the economic recovery in major world markets such as the United States and China. In particular, exports to Taiwan increased sharply in the third quarter as a result of efforts to diversify exports in the refining sector.

In the third quarter of this year, Korea exported 28.33 million barrels of oil, accounting for 22 percent of its total exports to China. Taiwan follows with 20.77 million barrels (16.2%), Japan with 14.16 million barrels (11%), Australia with 1088 million barrels (8.5%) and Singapore with 8.87 million barrels (7%). Taiwan, the fifth largest exporting country in the third quarter of last year, took second place in one year. Earlier in the day, the country's refinery's diesel production facilities fired a diesel production facility. Demand for diesel for ships has increased due to the postponement of the scheduled recovery date from May to the 4th quarter. It is solved by the fast effect.

Strong exports from domestic petroleum refining companies have strengthened their ranking as the leading export products in Korea. In the third quarter of this year, the Ministry of Commerce, Industry and Energy announced that it ranked 4th among the 13 largest global exports, after semiconductors, general machinery and petrochemicals.

Exports of petroleum products accounted for 48.68 million barrels, or 38% of the total, followed by value-added products such as jet fuel (21%), gasoline (16%) and naphtha (9%). %).

An official from the Korea Petroleum Institute said: "Although exports from major industries are shaking, the petroleum refining industry exported $ 30 billion last year, and this year it is expected to exceed $ 40 billion. dollars due to increased export volume.International Maritime Organization) in accordance with the 2020 regulations, and will continue to contribute to domestic exports by enhancing industrial competitiveness. "