Minister of Trade, Industry and Energy Kim Jeong-gwan said Wednesday he is "confident that such a situation will not occur," addressing concerns that prolonged conflict in the Middle East could bring domestic industry to a standstill.
Kim made the remarks during a parliamentary interpellation session on economic affairs at the National Assembly, responding to a question from Rep. Lee Eon-ju of the Democratic Party of Korea, who asked whether disruptions in naphtha supply could cause Korean industry to grind to a halt.
The minister also signaled his commitment to restructuring Korea's refining and petrochemical industries.
"Our refiners currently blend heavy and light crude oil in appropriate ratios, but because they have relied heavily on heavy crude, they have been vulnerable to Middle East developments," Kim said. "It won't be easy to change this immediately, but we will push ahead with measures to support light crude processing facilities."
He noted that the petrochemical sector has greater demand for light naphtha, and said the government would explore related support measures.
On diversifying crude oil supply chains, Kim said, "It is difficult to name specific countries, but we are making efforts with several specific nations."
