Find similar content

🇰🇷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 @asianomics