Bloomberg News

South Korean Exports of Oil Products Increased 17% Last Year

February 01, 2012

Feb. 2 (Bloomberg) -- South Korea’s exports of oil products rose 17 percent last year to 457 million barrels, while domestic sales were little changed.

The country’s shipments amounted to 49 percent of the crude it imported last year, the Ministry of Knowledge Economy said in an e-mailed statement.

Overseas sales of bunker C-oil rose the most, 34 percent, followed by an increase of 33 percent for gasoline and 22 percent for diesel.

Exports of oil products rose 64 percent by value to $51.6 billion in 2011, making it the country’s second-biggest export item after ships.

South Korea imported 926.76 million barrels of crude last year, mainly from Saudi Arabia, Kuwait and Qatar. Iran was the sixth-largest supplier to South Korea.

--Editor: Mike Anderson, Christian Schmollinger.

To contact the reporter on this story: Sangim Han in Seoul at sihan@bloomberg.net

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net.


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