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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World S.Korea Dec crude imports up 10 pct yr/yr Reuters - Saturday, January 22 Send IM Story Print * S.Korea Dec crude oil imports at 77.7 mln bbls * Dec crude runs stand at 79.1 mln bbls, up 12.5 pct y/y * Dec oil products demand at 74.9 mln bbls, up 4 pct y/y * End-Dec private oil stocks at 55.2 mln bbls, up 12 pct y/y By Cho Mee-young SEOUL, Jan 21 - Oil imports by South Korea, the world's No. 5 crude buyer, jumped 10 percent in December from a year ago for an eighth straight monthly gain on a recovering economy and healthy refining margins, state-run Korea National Oil Corp said on Friday. Four local refiners, SK Energy Co Ltd, GS Caltex, S-Oil Corp and Hyundai Oilbank, and KNOC imported a combined 77.7 million barrels last month, compared with 70.6 million barrels a year earlier, according to data posted on the KNOC web site . "Overall oil product demand in Asia was relatively firm in December, and South Korean refiners have been raising runs thanks to strong refining margins as one of their major businesses is oil product exports," Lee In-jae, senior analyst at KB Investment & Securities, said. Domestic oil product demand rose by four percent year-on-year to 74.9 million barrels in December, while local crude runs in the month surged by nearly 13 percent year-on-year to 79.1 million barrels, the KNOC data showed. "Crude runs are expected to be buoyed as long as the margins are good and particularly through March when many of refiners are shutting down their units for maintenance," Lee said. For details of December crude oil imports CRUDE RUN SEEN BUOYED THROUGH MARCH Refinery profit margins have risen to $1.44 per barrel on average in the past five days and $0.81 on average in the past 15 days, compared with $1.33 in November. Total crude processing volume of South Korean refiners will remain steady in January from the previous month at 2.52 million barrels per day , aided by firm demand and healthy margins, a Reuters survey showed earlier this month. South Korean refiners are planning heavy maintenance shutdowns of their crude distillation units , mostly in the first half of 2011, led by the country's top oil refiner SK Energy Co Ltd, sources said last month. South Korea's economic recovery has been hiking demand for oil products and power, while Asia's fourth-largest economy is expected to grow by about five percent in 2011. The country's overall power sales in December increased 7.3 percent year on year to 39.3 billion kilowatt-hours, a 21-month consecutive rise, the ministry of knowledge economy said earlier this month. Recommend Send IM Story Print Related Articles MOVES-Citi, Renaissance Capital, Deloitte, Lazard Reuters - 37 minutes ago US-BUSINESS Summary Reuters - 53 minutes ago GE lifts Dow, S&P 500; Nasdaq dips on Google Reuters - 53 minutes ago US STOCKS-GE lifts Dow, S&P 500; Nasdaq dips on Google Reuters - 53 minutes ago Nigeria's debut Eurobond heavily oversubscribed Reuters - 56 minutes ago News Search Top Stories Obama vows to shift economy into overdrive Haiti to probe Duvalier excesses: rights group BA-Iberia hit turbulence as merger takes off US expert panel gives nod to Alzheimer's scan Bank of America posts heavy losses More Top Stories » ADVERTISEMENT Most Popular Most Viewed Migraines don't damage brain: study Bedbugs resistant to pesticide, study finds Boeing to cut 1,100 jobs in C-17 program Toshiba to build 'huge solar plant' in Bulgaria Bank of America posts heavy losses More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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