This photo shows GS Caltex Corp.’s new mixed feed cracking (MFC) facility in Yeosu, South Jeolla Province, about 320 kilometers southwest of Seoul, on Nov. 11, 2022.
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 67 percent year on year.
South Korea imported 29.1 million tons of naphtha last year, with Russia accounting for the largest share at 23.9 percent.
However, this share slipped to 8.7 percent in the January to October period of this year, indicative of a plunge in imports of Russian naphtha due to international sanctions.
During the same period, the nation’s imports of naphtha from the United Arab Emirates (UAE) rose by 23.4 percent year on year to 3.94 million tons.
The UAE’s share in the nation’s naphtha imports stood at 13.7 percent last year.
The nation’s naphtha imports from India and Qatar rose by 18.2 percent and 70.2 percent, respectively.
India and Qatar were positioned at No. 2 and No. 3, respectively, in the nation’s naphtha import ranking.
The country’s naphtha imports from Bahrain and Pakistan jumped by 163 percent and 127.8 percent, respectively, more than doubling from a year ago.
J. S. Shin (js_shin@koreabizwire.com)
