South Korean refiners target new markets

摘要

Singapore—South Korean refiners are diversifying to new export markets amid saturating domestic demand and a slowing need for their oil products in the traditional export markets of China and Japan, but they will need to watch out for expanding refining capacities in some of their target countries. South Korea’s oil product exports to China fell 18% year on year to 16.68 million barrels in the first quarter of 2014, while exports to Japan plunged 23% to 15.48 million barrels over the same period, data from state-owned Korea National Oil Corp. showed.