Korea's exports of oil-related items expected hit record high for 2016

車ㆍ조선 부진해도, 석유제품 수출은 사상최대 While it has been a gloomy year for Korea's exports, we did see bright sparks here and there.. A closer look reveals despite the slump in total outbound shimpents, exports of oil-related products are not only soaring... they're estimated to have reached an all-time high in 2016. Kim Min-ji breaks down the digits for us. Korea's oil refinery industry is expected to see exports of oil-related products hit a record high for last year,... despite an overall downward trend for the country's exports. According to industry data,... Korea's four oil refiners -- SK Innovation, GS Caltex, S-oil and Hyundai Oilbank -- exported 445 million barrels of oil-related products as of November. Adding on December figures,... it's expected to a reach 490 million barrels,... surpassing the previous record of 477 million barrels exported in 2015. The shipments include gasoline, diesel, naphtha and other oil-related products. This is thanks in part to Korea's diverse range of export partners,... and especially due to growing demand from China and other countries Southeast Asia,... as well as OPEC's recent decision to curb oil production,... which has lifted global oil prices slightly. And building on the increased exports,... the combined operating profits of the four oil refiners are projected to hit a record high of over five-point-nine billion U.S. dollars for 2016. In the first three quarters of last year, the four companies posted a total operating profit of four-point-seven billion dollars -- already surpassing the combined 2015 figure. And it's likely they will easily scoop one-point-two billion dollars in profits in the fourth quarter. Their previous record operating profit was five-point-six billion dollars in 2011. Prospects are also bright for this year -- with demand in Asia expected to grow,... and global oil prices forecast to maintain their recovery momentum. On top of that, the incoming Trump administration's plan to revitalize the U.S. economy could send demand shooting up. But, industry officials point out that increased protectionism could put the brakes on exports. Kim Min-ji, Arirang News. Visit ‘Arirang News’ Official Pages Facebook(NEWS):   / newsarirang   Homepage: http://www.arirang.com Facebook:   / arirangtv   Twitter:   / arirangworld   Instagram:   / arirangworld