South Korea will limit naphtha exports and temporarily designate the feedstock as a supply-chain economic security item, the Finance Minister said, as authorities try to shield companies and consumers from the impact of the Middle East conflict.
The government will boost financial support for affected petrochemical companies by 1.5 trillion won ($1.01 billion), including for the cost of alternative imports and preferential interest rates for firms handling high-risk economic security items, Finance Minister Koo Yun-cheol said on Wednesday.
In a bid to explore ways to curb energy demand, the government should also draw up contingency plans to restrict vehicle use on designated days, such as five-day or ten-day rotation schemes, if the Middle East crisis drags on, President Lee Jae Myung said on Tuesday, calling for energy-saving efforts to “spread across society.”
The latest steps add to a string of emergency measures taken this month, including South Korea’s first fuel price cap in nearly 30 years, tighter monitoring of energy markets and efforts to secure alternative crude supplies, after the war-driven disruption of shipping routes through the Strait of Hormuz pushed global oil prices sharply higher.<\/p>\n","protected":false},"excerpt":{"rendered":"
South Korea will limit naphtha exports and temporarily designate the feedstock as a supply-chain economic security item, the Finance Minister said, as authorities try to shield companies and consumers from the impact of the Middle East conflict.The government will boost financial support for affected petrochemical companies by 1.5 trillion won ($1.01 billion), including for the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-37457","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\n