Naphtha
Trade minister urges utmost efforts for oil, naphtha supplies amid Mideast crisis
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Trade Minister Yeo Han-koo has called for utmost efforts to secure alternative oil and naphtha supplies to reduce uncertainties for South Korean companies amid supply disruptions from persisting Middle East turmoil. Yeo held an emergency virtual meeting late Tuesday with commercial attaches and trade officials. In a separate Wednesday meeting with business officials, he discussed requests to countries including India and the UAE.
South Korea will restrict naphtha exports starting Friday due to supply shortages from the Middle East conflict. The measure follows U.S. and Israeli airstrikes on Iran that have effectively closed the Strait of Hormuz. The government plans support including expanded low-interest loans for domestic firms.