Refiners enjoy record exports on petroleum product boom

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Refiners enjoy record exports on petroleum product boom

Exports by Korean refiners reached an all-time high this year on the back of brisk sales of petroleum products, industry data showed yesterday.

Four refiners - SK Innovation, GS Caltex, S-Oil and Hyundai Oilbank - posted a combined 76.15 trillion won ($65.7 billion) in exports from January to October, up 20.7 percent from a year earlier, the data showed. The figure also topped a previous record-high of 68.1 trillion won tallied in 2008, they showed.

Market leader SK Innovation said its exports accounted for 55 percent of 51.4 trillion won in sales over the January-September period. It targets 40 trillion won in exports for this year with 70 trillion in sales.

No. 2 player GS Caltex said it is expected to post an estimate of 29.6 trillion won in exports thanks to its aggressive facility expansion and strong overseas performance.


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