S.Korea Spends 40 Percent More on Oil Imports in 2005
Posted on: Monday, 30 January 2006, 09:00 CST
S.Korea spends 40 percent more on oil imports in 2005
SEOUL, Jan. 30 (Xinhua) -- South Korea, the world fourth- largest oil importer, spent 40 percent more money on oil imports in 2005 than in 2004 due to high crude oil prices and an increase in oil consumption, a government report showed Monday.
According to the report issued by the Bank of Korea (BOK) and the Ministry of Finance and Economy, South Korea spent 42.7 billion U.S. dollars in 2005 on crude oil importation, up 42.8 percent from that in 2004.
The expenditure, which included insurance and shipment costs, was the largest ever since the country started to import crude oil, the report showed.
South Korea relies entirely on imports for its oil needs.
The price of Dubai crude oil averaged 50.60 dollars a barrel last year, up from 36.15 dollars in 2004, while South Korea's oil consumption amounted to 844.1 million barrels in 2005, up from 827. 5 million barrels a year earlier, according to the report.
Spending on oil imports will likely increase further this year, as crude oil prices are expected to hover above 55 dollars a barrel, the report forecast.
Source: Xinhua News Agency - CEIS
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