Sales falling, oil firms here look abroad

With the sharp rise in oil prices over the past several years, consumption in Korea has taken a hit, prompting concerned local oil companies to seek new avenues for growth overseas.
According to recent studies by the Korea Petroleum Association, Korea’s daily consumption of oil, which averaged 1.6 million barrels in 1997, dropped to 1.3 million barrels last year. Overall spending on oil, which picked up in 1999 after tanking during the 1997 Asian financial crisis, has been declining since 2003.

..However, the release in Korea of Cenox, a low-cost alternative fuel, saw gasoline consumption drop by over 7 percent between 2002 and 2005. Improvements in energy efficiency at chemical companies also contributed to a reduction in oil consumption.
On the surface at least, this year promises to be a better one for the oil industry in Korea. For one thing, a Korean court this month declared the manufacture of Cenox illegal; for another, the strengthening economy is expected to boost domestic demand for oil.

JoongAng Ilbo