South Korea boosts refunds to 100% to diversify non–Middle East oil imports
As the Middle East war drags on, the government will expand the refund cap for additional freight incurred when importing crude oil from the Americas, Europe, Africa and other regions to diversify supply sources, from the current roughly 25% to up to 100%. The Ministry of Planning and Budget said on the 23rd that Vice ...
South Korea is increasing the cap for refunds on additional freight costs associated with importing crude oil from regions outside the Middle East, in an effort to diversify its oil supply sources. This move comes as the ongoing war in the Middle East continues to disrupt oil supplies. The government aims to expand the refund cap from the current 25% to up to 100% of the freight difference, as part of the "diversified crude oil import levy refund program".
This program was initially implemented temporarily during the early stages of the war to address supply disruptions. However, given the prolonged nature of the conflict, the government has now resolved to reinstate the expanded refund policy. The policy change is set to remain in effect until December.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
