South Korean oil companies post positive first quarter

South Korea’s oil refiners exported a total of 81.64 million barrels of oil products in the first quarter of 2009, up 20.6% from a year earlier, despite the global economic slowdown, state-run Korean National Oil Corp. said. Shipment of the three light distillates—gasoline, diesel fuel, and kerosene—jumped 75% from the same period last year, it said. The refiners exported a combined 36.73 million barrels of diesel fuel, up 29.6% year-on-year, and 7.64 million barrels of gasoline, up 44.7% from a year ago period. The main export destination was China, which imported 18.58 million barrels from South Korea, up 30% year-on-year. Meanwhile, SK Group said revealed plans to invest a total of 5.7 trillion won (US$4.53 billion) in research and development (R&D) by 2012. In 2009, the R&D fund will amount to a record 1.3 trillion won (US$14.32 billion), an 18% increase from last year. SK Group has also decided to hire 1,000 new entry-level employees this year, 200 more than its original plan. SK Group has also decided to invest another 4.4 trillion won (US$3.49 billion) in R&D for SK Telecom and SK energy by 2012. (April 16/29, 2009)