Korea to maintain naphtha export restrictions through January
Korea will maintain its export restrictions on naphtha through January, the industry ministry said Thursday, amid prolonged geopolitical uncertainties in the Middle East. The Ministry of Trade, Industry and Resources said the measure on naphtha, a key feedstock widely used in the petrochemical and other industries, which was introduced in late March for a five-month period, will be extended by…
South Korea's Ministry of Trade, Industry and Resources announced on Thursday that the country will continue its naphtha export restrictions through January. This decision comes amid ongoing geopolitical uncertainties in the Middle East. The naphtha export ban, initially imposed in late March for a five-month period, will be extended by another five months.
Naphtha, a crucial feedstock utilized extensively in the petrochemical and other industries, is subject to a strict export ban requiring prior approval from the industry minister. Companies are also mandated to provide daily updates to the minister on their production, shipments, delivery destinations, and naphtha inventory levels.
Although crude oil and naphtha supplies are currently stable, the Strait of Hormuz remains a point of concern due to ongoing issues with transportation. Consequently, the ministry maintains the emergency measure, according to an official from the industry ministry.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- Korea to maintain naphtha export restrictions through January koreatimes.co.kr
- S. Korea to maintain naphtha export restrictions through Jan. en.yna.co.kr
