Korea to maintain naphtha export restrictions through January
Concrete mixer trucks are parked at a ready-mix concrete company lot near Seoul, April 19. Korea Times photo by Ha Sang-yun
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 another five months.
Under the regulations, businesses are banned from exporting naphtha without prior approval from the industry minister.
Manufacturers are also required to report daily to the industry minister on their production, shipments, destinations and naphtha inventories.
"While the supply of crude oil and naphtha remains stable, passage through the Strait of Hormuz has not yet normalized and uncertainties remain. Thus, we are maintaining the emergency measure," an official from the industry ministry said.