South Korea To Ease Oil Terminal Rules In Bid To Become Trading Hub

21 Jul 2017   South Korea

South Korea is set to ease restrictions for international oil traders to blend fuels at the country’s oil storage terminals in its attempt to become a trading hub in Northeast Asia, which could potentially pose a challenge to the established oil hub in Singapore. Earlier this year, the government passed legislation that would allow international oil trading companies to blend fuels as per client specifications at the oil storage terminals. So far fuel blending at the terminals was only allowed for domestic refiners. Even though the South Korean government is still tweaking the final guidelines and technical aspects, the country with a vast refining sector relying almost exclusively on crude oil imports is advancing the plan to ease restrictions that has been in the making since 2014. Back then, the Ministry of Trade, Industry, and Energy said that “regulations on blending or other activities will be eased so that […]

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