🇰🇷S. Korea to Recover 90% of Naphtha Supply in May
South Korea expects to secure up to 90% of pre-Iran war naphtha volumes for May, with major petrochemical firms lifting plant utilisation rates. Yeochun NCC, which had declared force majeure on some products, raised operations to 65% from 55% on April 1; Korea Petrochemical Ind. moved from 62% to 72% over the same period.
Seoul has committed ₩674.4bn ($457mn) to subsidise up to 50% of the price gap between pre-war and current naphtha import costs for April–June. It has also locked in 2.1mn tonnes of alternative naphtha from four Middle Eastern suppliers — including Oman and Saudi Arabia — equivalent to roughly one month of national demand. A parallel crude oil swap system, drawing on state strategic reserves, has processed deals for ~14mn barrels with a further 16.5mn barrels targeted for May.
The swap mechanism, initially set to run through end-May, is under review for extension given the prolonged Middle East conflict and high private-sector uptake.
#SouthKorea#MiddleEast
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🇰🇷🇺🇸 South Korea trade minister may seek extension to tariff freeze in US talks
South Korea's Trade Minister Yeo Han-koo said on Friday that he might request an extension of the freeze on US tariffs that is set to expire within days when he heads to Washington for talks with US officials.
Yeo, who became South Korea's new trade envoy last month, is due to fly to the US on Friday and plans to hold talks with US Trade Representative Jamieson Greer and other senior officials on Saturday, just ahead of the July 9 deadline when US tariffs could rise sharply.
Yeo said the substance of negotiations mattered more than the deadline, noting he would ask the US to take time and accelerate talks to reach a "win-win" deal.
#SouthKorea#USA
@asianomics
🇰🇷🇺🇸 South Korea to raise concerns to US over potential curbs on chipmakers' China operations
South Korea's top trade negotiator said on Sunday he would raise concerns about potential US restrictions on chipmakers in China when he meets US officials in Washington this week for the third round of technical discussions in tariff talks.
"I will pass on the concerns among those in the industry and take utmost care," South Korean Trade Minister Yeo Han-koo told reporters.
Yeo also said Seoul may not stick to the July deadline, suggesting talks may continue beyond July 8 amid political and economic uncertainties in the US.
#SouthKorea#USA
@asianomics
🇰🇷🇺🇸 South Korea's defense ministry says no talks held with US on troop withdrawal
South Korea's defense ministry said on Friday that Seoul and Washington had not had discussions about the withdrawal of some US troops stationed in the country.
The ministry made the comment in response to a report by the Wall Street Journal that said the US was considering pulling out roughly 4,500 troops from South Korea. One option being considered was to relocate some of the troops to other locations in the Indo-Pacific region including Guam.
Seoul and Washington agreed on a five-year plan on defense cost sharing last year but US President Donald Trump has signaled that the cost of the US military presence could be up for discussion in ongoing trade negotiations with Seoul.
#SouthKorea#USA
@asianomics
🇰🇷🇯🇵Seoul Summons Japanese Diplomat Over Dokdo Claim
South Korea's foreign ministry summoned Hirotaka Matsuo, deputy chief of mission at the Japanese Embassy in Seoul, to lodge a formal complaint after Japan renewed its territorial claim to the Dokdo islets in its annual Diplomatic Bluebook. Kim Sang-hoon, director general for Asia-Pacific affairs, delivered the protest in person.
Japan's Foreign Minister Toshimitsu Motegi submitted the bluebook to a Cabinet meeting on Friday. The document claimed Dokdo as Japanese territory and accused South Korea of continuing illegal occupation of the islets by stationing security forces there.
Seoul's foreign ministry issued a statement strongly protesting the claim and urging its immediate withdrawal, asserting that Dokdo is South Korea's territory under international law, history, and geography. South Korea maintains a small police detachment on the islets and exercises effective control over them.
#SouthKorea#Japan
@asianomics
🇯🇵🇰🇷Japan, Korea Stocks Drop on Iran Ground War Reports
Stocks in Japan and South Korea fell sharply Monday amid reports of possible US ground operations against Iran. Japan's Nikkei Stock Average dropped over 5%, entering correction territory, while South Korean equities declined approximately 3%.
The conflict, now in its second month, has kept Persian Gulf oil supplies severely disrupted. Tokyo authorities issued warnings of potential yen intervention as the currency came under pressure.
The market moves reflect continued uncertainty over energy supply from the Persian Gulf region. Both Japan and South Korea are heavily dependent on Middle East oil imports.
#Japan#SouthKorea
@asianomics
🇰🇷🇯🇵Seoul Protests Japan's Dokdo Claims in Textbooks
South Korea's foreign ministry summoned Hirotaka Matsuo, deputy chief of mission at the Japanese Embassy in Seoul, to lodge a formal complaint after Japan's Ministry of Education approved a new list of high school textbooks for use starting next year. Most of the approved publications describe Dokdo — referred to as Takeshima by Japan — as Japanese territory.
The textbooks state that Dokdo was incorporated into Shimane Prefecture in 1905 and characterize South Korea's current control of the islets as illegal. South Korea's foreign ministry spokesperson Park Il called for immediate correction of what he described as distorted historical facts and baseless territorial claims.
The ministry also expressed regret over textbook passages it said dilute the coercive nature of wartime forced labor and sexual slavery by the Japanese imperial army during World War II. South Korea maintains a small police detachment on Dokdo and exercises effective control over the islets.
#SouthKorea#Japan
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🇯🇵🇰🇷 Leaders of Japan and South Korea meet as China flexes muscles
Japanese Prime Minister Sanae Takaichi met South Korea’s President Lee Jae Myung for talks on Jan 13 aimed at demonstrating their cordial ties as Beijing pressures Tokyo over its stance on Taiwan.
The two leaders are in Takaichi’s picturesque home region of Nara in western Japan, days after Lee visited Chinese leader Xi Jinping in Beijing.
The two US allies have already agreed to strengthen cooperation on economic security, regional and global issues, and artificial intelligence, according to South Korea’s presidential office.
Behind closed doors, the leaders will certainly discuss the current Japan-China crisis, as Beijing’s retaliatory measures, including export controls, will have an impact on South Korea as well.
#Japan#SouthKorea
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🇰🇷🇯🇵 South Korea in talks with Japan to hold summit at APEC
South Korea is in working-level talks with Japan to hold a bilateral summit between the two countries, Kang Yu-jung, spokesperson for Korea's presidential office, told a press briefing.
The potential meeting could take place on the sidelines of the Asia-Pacific Economic Cooperation summit scheduled for the end of October in South Korea.
In Tokyo, hardline conservative Sanae Takaichi was elected as Japan's first female prime minister. South Korea needs this meeting to get acquainted with the new administration.
#SouthKorea#Japan
@asianomics
🇯🇵🇰🇷 Japan and South Korea tout stable ties, but concerns rise over Ishiba’s replacement
Outgoing Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae Myung have agreed on the need to continue developing “stable” ties amid concerns that the next Japanese government could take a harder line on relations with Seoul.
The Ishiba-Lee talks Tuesday in the South Korean city of Busan was their third meeting and likely final trip abroad by the Japanese leader. Ishiba announced earlier this month that he would step down following the ruling coalition’s string of election defeats.
Speaking after their meeting, Ishiba told reporters that he hoped to cement “shuttle diplomacy” — a crucial mechanism of bilateral cooperation that has included regular leaders’ visits and summit talks.
#Japan#SouthKorea
@asianomics
🇰🇷🇯🇵 South Korea's Lee, outgoing Japan PM Ishiba hold talks on better ties, US trade deals
South Korean President Lee Jae Myung hosts outgoing Japanese Prime Minister Shigeru Ishiba on Tuesday on a goodwill visit aimed at highlighting the two countries' commitment to improve once-frosty ties and cooperate more closely on trade.
Lee has engaged with Japan on security and trade issues, continuing his predecessor's policy of cautious rapprochement after years of tension over Japan's wartime history.
Ishiba, whose Liberal Democratic Party is set to pick a new leader on October 4 who will likely become prime minister, is scheduled to visit South Korea for two days and meet Lee in the southern city of Busan.
#SouthKorea#Japan
@asianomics
🇯🇵🇰🇷 Japan's Ishiba to visit Busan from Sept 30 to meet S.Korea's Lee
Japanese Prime Minister Shigeru Ishiba will meet South Korean President Lee Jae Myung during his two-day visit to the city of Busan from September 30, Japanese broadcaster TV Asahi reported on Thursday, citing a Korean government official.
It would mark Ishiba's first - and last - trip to South Korea, after the embattled Japanese premier announced his resignation earlier this month and is set to be replaced through a ruling party leadership race early next month.
Lee visited Ishiba in Tokyo last month in his first official visit to Japan since his June inauguration, where the leaders of the East Asian neighbours agreed to closer security and economic ties together with the United States against North Korea’s nuclear and missile threats.
#Japan#SouthKorea
@asianomics
🇰🇷🇯🇵 South Korean and Japanese defense ministers to hold talks in Seoul
The South Korean and Japanese defense ministers will hold talks in Seoul on Monday, Seoul's defense ministry said, marking the first official visit by a Japanese defense minister to South Korea in a decade.
Japan's Gen Nakatani will meet South Korean Defense Minister Ahn Gyu-Back on Monday afternoon, the ministry said.
During his two-day trip, Nakatani will visit the Seoul National Cemetery and the Korean Navy 2nd Fleet.
#SouthKorea#Japan
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