Korea’s exports of gasoline, diesel hit record high in 2024

Korea's Exports Of Gasoline, Diesel Hit Record High In 2024

SK Ulsan CLX / Courtesy of SK Innovation

SK Ulsan CLX / Courtesy of SK Innovation

Exports of gasoline and diesel by main refiners in Korea hit a report excessive final yr, with over 50 % of all imported crude oil shipped abroad after being refined right here, information confirmed Sunday.

The 4 main refiners within the nation — SK Power, GS Caltex, S-Oil and Hyundai Oilbank — shipped 111.89 million barrels of gasoline and 211.66 million barrels of diesel in 2024, in accordance with the Korea Petroleum Affiliation.

The mixed whole marks the best export quantity because the affiliation started compiling such information in 1992.

The general exports of petroleum merchandise elevated 4.8 % from a yr earlier to 490.45 million barrels in 2024, marking the second-highest determine in historical past after the report excessive set in 2018.

Regardless of the rise in export quantity, the businesses‘ earnings from exports declined 2.9 % on-year to $45.17 billion because of a fall in world costs.

The affiliation attributed the rise in export quantity to home refiners‘ efforts to hunt a „breakthrough“ amid a downtrend within the refining margin by increasing exports of sunshine oil merchandise.

By gas kind, diesel accounted for 41.1 % of whole exports in 2024, adopted by gasoline at 22.8 %, aviation gasoline at 18 % and Naphtha at 8.1 %. (Yonhap)

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