LG Chem, South Korea's leading chemical company, has secured 27,000 tons of naphtha from Russia amid a potential supply shortage caused by the war in the Middle East, the industry ministry and business circles said Monday.
The naphtha imports, a key feedstock widely used in the petrochemical and other industries, were set to arrive in the country later in the day and will head for the Daesan industrial complex, a major petrochemical complex in South Chungcheong Province, according to the sources.
The imported volume falls far short of the average 4 million tons used in the country every month, but marks the opening of an alternative supply route through cooperation between the private sector and the government in the midst of the war.
The import was made possible after the United States temporarily eased sanctions on Russia's petroleum products, though future imports will depend on whether the U.S. extends the measure currently set to expire on April 11, a ministry official said.
South Korea imports 45 percent of its naphtha needs, and 77 percent of the imports are sourced from the Middle East. (Yonhap)
