Seoul: South Korea will continue its export restrictions on naphtha through January, the industry ministry announced Thursday, due to ongoing geopolitical uncertainties in the Middle East.
According to Yonhap News Agency, the Ministry of Trade, Industry and Resources communicated that the existing measure on naphtha, which is a crucial feedstock in the petrochemical and other industries, was initially introduced in late March for a five-month period. This measure will now be extended by another five months.
The current regulations require businesses to seek prior approval from the industry minister before exporting naphtha. Additionally, manufacturers must provide daily reports to the industry minister detailing their production, shipments, destinations, and naphtha inventories.
An official from the industry ministry stated, "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."