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Exports of petroleum products jump in H1

Korea’s exports of refined petroleum products, including gasoline and diesel fuel, surged in the first half of the year, despite the global recession that sapped demand, industry officials said. According to the state-run Korea National Oil Corp. and the Korea Petroleum Association, Korean companies exported a total of 18.32 million barrels of gasoline products in the January to June period, an 80.6% increase from a year ago. The increase in gasoline exports during the global economic recession comes as local refiners have expanded investment in their production facilities in recent years. Domestic consumption of gasoline products edged up 4.5% with 31.61 million barrels year-on-year in the first half, while supply of products jumped 29.3% at 50.2 million barrels. (August 25, 2009)