S. Korea to maintain naphtha export restrictions through Jan.

Seoul, Aug. 27 (Yonhap) -- The South Korean government has decided to prolong its export restrictions on naphtha until January, according to the Ministry of Trade, Industry and Resources. This step comes as geopolitical tensions in the Middle East persist. Naphtha, a crucial component utilized in the petrochemical and other sectors, was subjected to export limitations in late March, initially set for a five-month duration.

The government has now extended this policy by another five months. Under these regulations, any export of naphtha must receive prior authorization from the industry minister. Additionally, manufacturers are mandated to submit daily reports to the minister, detailing their production activities, shipments, intended destinations, and inventory levels of naphtha.

While the situation regarding crude oil and naphtha supply appears stable at present, the Strait of Hormuz, the primary shipping route, has not yet returned to normal operations. Hence, the industry ministry maintains the emergency measure due to ongoing uncertainties, as stated by an official from the ministry.