S. Korea to maintain naphtha export restrictions through Jan.

Korea has decided to extend its export restrictions on naphtha through January, according to the Ministry of Trade, Industry and Resources. This decision comes amid ongoing geopolitical uncertainties in the Middle East. The restrictions, which were initially put in place on March 31 for a five-month period, will now be in effect for another five months. Naphtha, a crucial feedstock utilized extensively across the petrochemical and other industries, is the subject of these regulations.

Under these rules, businesses are prohibited from exporting naphtha without obtaining prior approval from the industry minister. Additionally, manufacturers are obligated to report their daily activities, including production, shipments, destinations, and naphtha inventories, to the industry minister. Despite the current stability in the supply of crude oil and naphtha, the passage through the Strait of Hormuz has not yet stabilized, leading to lingering uncertainties.

Consequently, the industry ministry has chosen to maintain this emergency measure, as confirmed by an official from the ministry.