• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 19 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 2 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 19 mins Wind droughts
  • 24 mins ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 2 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 5 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 18 hours Xi Is Set To Be Re-Elected As China’s Leader
  • 9 days Oil Prices Fall After Fed Raises Rates
  • 11 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 14 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
Europe’s Winter Energy Preparations: Too Little Too Late?

Europe’s Winter Energy Preparations: Too Little Too Late?

European countries have already made…

How OPEC+ Could Send Oil Prices Soaring Again

How OPEC+ Could Send Oil Prices Soaring Again

WTI crude continues to trade…

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

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 oil products can be mixed or processed into high value-added products with additives”, as part of the plan to turn South Korea into a Northeast Asian oil hub.

Now the president of the Ulsan Port Authority (UPA), Jong Yeol Kang, told Reuters, replying to emailed questions:

“The idea of the new regulation is to allow international oil traders to blend petroleum products and chemicals freely in bonded areas like tank terminals.”

Regulation and guidelines will be announced soon, according to Kang, who added that the feedback from oil traders has been positive so far.

Related: Qatar Spat Worsens As Saudi-Led Arab States Vow New Measures

South Korea’s plan could potentially challenge the supremacy of the established hub in Asia, Singapore, and possible divert some trade away from Singapore, Ellen Ruhotas, managing director at Ratio Group, a Singapore-based advisory firm specializing in bulk liquids storage, told Reuters.

“With this new capability traders could, for example, supply the near-by Japanese market with various fuels that would have otherwise come from places like Singapore, and so it would be interesting to see how that unfolds,” Ruhotas told Reuters.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News