South Korea removes import tariffs on naphtha, crude oil for petrochemicals feedstock

South Korea will abolish import tariffs on naphtha and crude oil to be used for naphtha production, the country’s finance ministry said July 6, paving the way for local refiners and petrochemicals makers to procure feedstock at a lower cost and support downstream margins. Seoul will cut the current 0.5% import tax on naphtha and crude oil for naphtha production…