South Korea to start crude oil swap with local refiners, ministry says
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The authorities expect no disruption to supplies of crude oil before June.
PHOTO: AFP
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SEOUL – South Korea will introduce a policy allowing oil refiners to swap crude supply from its national reserve, a spokesperson from the industry ministry said on March 31.
The policy enables refiners to borrow crude oil from the national reserve and return the same volume once crude shipments secured abroad arrive, the ministry said.
South Korea’s Yonhap News Agency first reported the swap.
The industry ministry also said the authorities expect no disruption to supplies of crude oil in the country before June, according to a separate report from broadcaster YTN.
South Korea’s local refiners have secured more than 20 million barrels of crude, which will be delivered by the end of June, YTN cited a senior Industry Ministry official as saying. REUTERS
