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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: longnshort who wrote (46536)	5/18/2004 11:04:29 AM
From: Wharf Rat	Read Replies (1) \| Respond to of 89467

Doesn't look like it, or maybe not enuf... Oil refineries see exports to China surge SEOUL - South Korean oil refineries saw their exports to China soar by 20.8 percent in the first quarter of this year to 17.73 million barrels compared with the same period last year, industry sources said on Tuesday. The revenue from this comes to US$531.69 million (629 billion won), up 16.2 percent from $457.67 million a year earlier. Local oil refineries are expected to reap record earnings this year despite forecasts that domestic sales will be sluggish due to rising oil prices. "Some say that if oil prices continue to rise, oil refineries may see their results damaged by slow domestic demand. But that forecast overlooked demand from China," Sejong Securities researcher Yu Yeong-guk said. Of the total quarterly exports to China, Bunker C oil exports were the largest at 11.19 million barrels, followed by gasoline at 3.1 million barrels, asphalt oil at 1.82 million barrels, air fuel oil at 719,000 barrels and lubricant oil at 317,000 barrels. The sources said China's rapid industrialization is the reason for the huge exports of Bunker C oil, which is mainly used in industry and power generation. Analysts expect China's daily consumption of oil to reach 6 million barrels this year in line with rapid economic growth and industrialization. But oil supplies in China are expected to be up to 200,000 barrels short of the predicted demand. atimes.com