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BMI View: South Korea will remain a prominent player in the global fuels
market, supported by a large and highly sophisticated refining and
petrochemicals sectors. Nonetheless, a negligible upstream industry will render
the country dependent on crude oil and natural gas imports from international
suppliers throughout our forecast period to 2025.
Latest Updates & Key Forecasts
-South Korea produced 576.1mn bbl of refined products (equivalent to 3.1mn b/d)
over H116, a 5.0% increase y-o-y, as low fuels prices helped to boost
consumption for certain fuels in the domestic and regional markets. In
particular, gasoline demand growth in the Asian emerging economies helped to
support South Korea's exports to these countries.
-June crude imports were up 4.9% on year, on higher off-take from Iran and the
commencement of new trades with Nigeria, Oman and Gabon.
-Qatar retained its position as South Korea's top LNG supplier, accounting for
more 50.0% of the market share in Jun 2016.
-The country is targeting to provide LNG bunkering services to ships by 2017,
starting with the city of Tongyeong. The effort is spearheaded by a consortium
of 21 public-private firms.