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Published on Sep 16, 2016
내년 1월 부터 중국산 휘발유•경유 수입 허용
Next year, South Korea's expected to open its door to more imports from its neighbor to the west, China.
This time it's petroleum products -- but that has some local companies worried.
Next year, South Korea's expected to open its door to more imports from its neighbor to the west, China.
This time it's petroleum products -- but that has some local companies worried.
Shin Se-min reports. Starting next January, Korea's expected to see an influx of refined petroleum products from China as the amount and quality from Chinese refineries has satisfied Korean customs regulations.
Looking to enter the Korean market, Chinese oil companies are upgrading their standards for petroleum goods by minimizing the amount of Sulphur to 10 parts per million from the current 50 parts.
With the expected surge of Chinese diesel fuel entering the Korean market,… local oil refineries like SK Energy and GS Caltex are concerned.
China's production of petroleum goods -- mostly gasoline and diesel -- have been expanding rapidly.
According to the Korea International Trade Association, in 2012 China recorded a trade deficit in petroleum goods of 11-point-four billion U.S. dollars.
Last year, that turned into a surplus… of 4-point-seven billion.
That turnaround is catering to the explosive rise of China's auto market, which last month grew 26-percent on year.
The world's second largest auto market has also been selling fuel to its neighbors, reaching a market share last December of 12 percent… and becoming Asia's fourth-largest diesel exporter.
With just months left until Korea's home-grown refineries go head-to-head with their Chinese competitors,… local firms say they will continue to monitor the domestic and the international market to maintain a healthy share.
Shin Se-min, Arirang News.
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