South Korean refineries protest against customs duty on imports of crude oil

摘要

The South Korean Ministry of Strategy and Finance plans to impose customs duty on crude oil imports even if they are to produce naphtha, in the range of 1 -3%. Refiners in the country are protesting against the government's plan to impose customs duty on imports of crude oil for naphtha production, starting 2015. According to reports as per the Ministry, the customs duty is aimed at boosting revenue, but as per the refineries, the customs duty will further undermine their bottom lines and weaken price competitiveness of naphtha compared to overseas rivals.