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FINANCIAL NEWS
S. Korea oil imports from GCC increase
02 Sep 2013
(MENAFN) Increased energy consumption in South Korea, coupled with heavy dependence on oil to produce energy and low oil production in the country has led to increased oil imports, Saudi Gazette reported.
The Gulf Cooperation Council (GCC) is currently S. Korea’s largest source of oil. S. Korea exports 20 percent of its oil from the GCC. In the year to July, the country imported goods worth USD98 billion from the GCC.
Saudi Arabia is the largest exporter of oil to S. Korea with USD37.5 billion worth of goods exported in the period. Qatar came second with USD26 billion followed by the Kuwait and UAE with USD18.4 billion and USD16.2 billion respectively.
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