The matter is reported by Reuters, citing a person familiar with the matter. South Korea's Ministry of Industry confirmed the delivery but did not reveal which company was behind the import. LG Chem is one of the largest entities in the South Korean petrochemical market. The company declined to comment on the matter.
At the beginning of March The United States introduced a 30-day suspension of existing sanctionsenabling countries to purchase Russian oil and petroleum products. This decision was aimed at stabilizing global energy markets, which were shaken as a result of the US and Israeli attack on Iran.
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Reuters reports that LG Chem is making efforts to secure further supplies of Russian crude oil. However, it is not certain whether this will be possible. The Ministry of Industry said that South Korean companies are also considering purchasing Russian crude oil. Specific decisions on this matter have not been made yet.
South Korea imports oil from the Middle East
Kerosene plays a key role in the petrochemical industry, especially in the semiconductor and automotive sectors. South Korea satisfies approximately 45 percent. its demand for this raw material through import, of which 77 percent usually comes from the Middle East.
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After the United States and Israel attacked last month, Iran effectively closed the Strait of Hormuz, through which one-fifth of the world's oil and gas supplies flow. This situation has led to serious disruptions in energy markets.
