H. Yoo
Research expert covering South Korea
Refinery industry in South Korea - statistics & facts
The process of refining converts crude oil into other products which can further be processed or used as finished products. The most common types of products derived from crude oil are fuels, such as gasoline. South Korea has one of the largest oil refinery capacities worldwide. The various petrochemical industrial plant complexes provide employment to over 46 thousand people, highlighting how robust the industry is in the country.
Why does the South Korean refinery industry rely on international trade?
Lacking its own natural sources of crude oil, South Korea imports large amounts of this resource and then processes it further in its domestic refineries. As one of the leading oil refinery countries worldwide, mineral fuels, oils, and products distilled from them are major import goods in South Korea. Meanwhile, petrochemicals are a popular export item, with over 12 million tons exported in 2021 alone. The majority of these products are exported regionally, with China being the leading importer of Korean petrochemical goods by far.Use of oil and petrochemical products in South Korea
Aside from international trade, products derived from the process of refining are commonly used for domestic consumption. Oil makes up a significant majority of energy consumption in South Korea. Refined products can also be used in the manufacturing process of petrochemicals, which is a major sector of the chemical industry in South Korea. The country is one of the leading chemical markets worldwide which is largely based on the production of commodity chemicals and petrochemicals.
