South Korea Extends Naphtha Export Restrictions by Five Months Amid Persistent Middle East Tensions

Deep News08-27

South Korea's Ministry of Trade, Industry and Energy announced on Thursday that it will maintain export restrictions on naphtha until January next year, citing ongoing geopolitical uncertainties in the Middle East. The measure, initially implemented at the end of March for a five-month period, will now be extended for another five months. Naphtha is a critical feedstock widely used in the petrochemical and other industrial sectors.

Under the regulations, companies are prohibited from exporting naphtha without prior approval from the Minister of Trade, Industry and Energy. Manufacturers are also required to report their production, shipments, destinations, and naphtha inventory levels to the ministry on a daily basis.

A ministry official stated: "Although the supply of crude oil and naphtha remains stable, traffic through the Strait of Hormuz has not yet returned to normal, and uncertainties persist. Therefore, we are maintaining the emergency measures."

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