SEOUL, May 8 (Korea Bizwire) – Hundreds of thousands of barrels of Russian naphtha, a crucial raw material for plastics and synthetic fibers, have been stranded at sea for over a week as South Korea, a major buyer, shuns cargoes from the nation following its invasion of Ukraine, according to Bloomberg. The standoff is a consequence [...]
SEOUL, July 6 (Korea Bizwire) — South Korea has removed tariffs on imports of naphtha and crude oil used to produce the material, the finance ministry said Thursday, in line with efforts to support the local petrochemical industry. Under the measure, the tariffs on all naphtha imports will be lowered to zero through the end [...]
SEOUL, Nov. 30 (Korea Bizwire) — South Korean petrochemical companies have diversified their naphtha import channels this year amid international sanctions on Russia following its invasion of Ukraine. According to the Korea Petrochemical Industry Association, the nation’s naphtha imports from Moscow stood at 1.92 million tons in the first ten months of this year, down [...]