Seoul: Industry Minister Kim Jung-kwan vowed Thursday utmost efforts to stabilize the supply of naphtha and other petrochemical materials amid supply disruptions due to the Middle East conflict.
According to Yonhap News Agency, Kim made such a pledge in a meeting with officials from related ministries and business associations. The meeting, organized by the Ministry of Trade, Industry and Resources, focused on discussing supply chain measures for petrochemical products.
"Since naphtha is a staple of industry and also a core raw material used in everyday products, the government will do its utmost to establish a stable petrochemical supply chain and prevent any disruptions in people's daily lives and industrial activities," Kim said.
The minister also vowed a stern response to any unfair market practices and actions harming trust in the market. The government began restricting naphtha exports last Friday to help stabilize domestic supplies of the key material, while prohibiting hoarding of petrochemical materials used to make plastic and packaging materials.