South Korea will begin restricting naphtha exports from Friday amid growing supply shortages due to the Middle East situation, Seoul's finance chief said on March 26.
According to the plan announced by Finance Minister Koo Yun-cheol during an emergency economic response meeting presided over by President Lee Jae Myung, the restriction will go into effect on Friday.
South Korea imports around half of its naphtha through the Strait of Hormuz, a major Middle Eastern trade route, which has effectively been closed due to the war.
