South Korea's four oil refining companies saw the combined value of their exports of refined products and petrochemicals rise by 64% in 2011, to $47.9 billion, Yonhap news agency reported Monday, citing data from the companies.
South Korea
's
four oil refining companies saw the combined value of their exports of refined
products and petrochemicals rise by 64% in 2011, to $47.9 billion, Yonhap news
agency reported Monday, citing data from the companies.
The refiners also reaped record profits in the year due to strong exports and
improved business performance at non-refining units, it said.
Net income at SK Innovation (096770.SE), South Korea's leading refiner, jumped
nearly threefold to KRW3.18 trillion ($2.83 billion). Sales surged 27% to
KRW68.8 trillion ($61.4 billion), Yonhap reported, with a company official
saying in the report that the company's 2012 sales target is KRW75.5 trillion. GS
Caltex Co., South Korea's second-largest refiner, reported a 68% on-year jump
in its operating income last year, to KRW2.02 trillion, with this fueled by
strong exports worth $23.7 billion.
Third-ranked S-Oil Corp. (010950.SE) posted a net profit of KRW1.21 trillion
last year, up 71%, while No. 4 Hyundai Oilbank Co. estimated its 2011 operating
income at KRW500 billion, the agency said.
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