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South Korea relaxes the restrictions on oil hubs and wants to build a North Asia Oil Trade Center

South Korea relaxes the restrictions on oil hubs and wants to build a North Asia Oil Trade Center

July 24, 2017

[China paint information]

at present, South Korea is relaxing the restrictions on processing fuel in oil storage hubs to strengthen its efforts to become a North Asia oil trading center. The Korean government passed legislation earlier this year, which will allow trading companies to mix fuel oil in South Korea's oil hub. However, the mixed fuel oil adopts new materials, dental implants with surface treatment technology or structural design, composite resin filling materials with high wear resistance and secondary caries prevention, non traumatic dental restoration materials (Art) Technical requirements and regulations for metal ceramic products with good biocompatibility and good clinical repair effect and the preparation technology of high-precision silicone rubber impression materials are still being formulated

South Korea is the fourth largest economy in Asia and the fifth largest crude oil importer in the world. The country is promoting a plan in 2014 to build Ulsan and Lishui into an oil transportation and storage center in Northeast Asia, which may pose a challenge to Singapore, the old Asian Oil Trade Center

Jong yeol Kang, director of Ulsan port authority in South Korea, said, "the idea of the new regulation is to allow international oil traders to freely mix oil products and chemicals in bonded areas, such as oil storage facilities."

before the implementation of the new regulatory regulations, traders with oil storage facilities in the Korean bonded zone can only store or export the fuel they have on hand, and are not allowed to mix the fuel into new refined oil according to customer requirements. Previously, only Korean refiners were allowed to mix fuel

kang pointed out that the feedback received so far from traders of steel pipes and forged steel is positive, and the detailed regulatory provisions and guidelines will be published soon, but he did not specify the specific date

Ellen ruhotas, general manager of ratio group, a Singapore based consulting firm, said, "South Korea's ambition may quickly attract some oil trade from Singapore. With this new regulation allowing mixed fuels, traders can supply a variety of fuels close to the Japanese market, which previously came from Singapore and other places."

the goal of South Korea is to improve the export of refined oil to serve the Asian market. According to the 2017 BP world energy statistical yearbook, Asian oil demand will increase to 2.1 billion tons of oil equivalent by 2013 and 1.5 billion tons in 2015

Kang said, "at present, we are focusing on the Northeast Asian markets including China, Japan and South Korea, and we believe that demand growth in these regions is strong."

according to the data of the Korean national oil company station, the oil storage hub in Ulsan, South Korea, has an oil storage capacity of 23million barrels, and the oil storage hub in Lishui also has an oil storage capacity of 8.2 million barrels. Kang added, "South Korea's oil center project will further increase the oil storage capacity by 28million barrels in 2026.

according to Reuters data, Singapore has about 79million barrels of oil storage capacity, of which 30million barrels can be used in Malaysia and Indonesia, which have high precision plastic parts near West Asia

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