South Korea increased motor oil exports to Russia by 116%
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South Korea more than doubled the export of motor oil to Russia last year, this is due to the reduction in operations in the Russian Federation of large oil companies of Western countries, writes The Financial Times, citing statistics from the South Korean government.
The export of motor oils from South Korea to Russia, according to the newspaper, increased by 116.7% in 2022 to $ 229 million. Such an increase occurred after Total, Shell and BP, against the backdrop of a special operation in Ukraine, decided to voluntarily limit their activities in RF.
As a result of the departure of Western companies, SK Enmove (a subsidiary of the South Korean conglomerate SK Group) and GS Caltex (a joint venture between the South Korean GS Group and the American Chevron) began to make money on the supply of motor oils.
According to the FT, these companies supplied products worth about $2.8 million before the start of hostilities in Ukraine, in January 2022, while in March of this year, Russian buyers paid about $28 million for South Korean oil.
The share of SK Enmove now accounts for 6.5% of Russian imports, the share of GS Caltex is just over 5%. Both manufacturers, according to the FT, admitted that they benefited from the departure of their competitors from the Russian market. At the same time, they say they have taken precautions so that their products are not used for military purposes, the newspaper notes. In particular, GS Caltex indicated that its contract with a Russian private company “contains clear rules for the resale of products.”
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