South Korea is extending restrictions on naphtha exports until January 2027 to protect its petrochemical industry from potential feedstock shortages. Companies cannot export naphtha without government approval and must report production, shipments and inventories daily. The measures come as passage through the Strait of Hormuz remains disrupted, threatening supplies from the Middle East, Korea’s dominant source of imported naphtha.
Personal Remarks
While Europe is still talking about strategies and holding consultations, the rest of the world is taking concrete action to protect its petrochemical industry. Europe’s industrial decline is perhaps nowhere more visible than in its oil and gas strategy.
