S.Korea Raising Crude Import Tariffs for naphtha, LPG
South Korea said on Tuesday it would raise tariffs next year on imports of certain quotas of crude used for production of naphtha and liquefied petroleum gas (LPG).
The new rates, approved by the country's cabinet, will come into effect from Jan. 1, according to a statement by the finance ministry.
PRODUCTS 2015 TARIFF 2014 TARIFF QUOTA
Crude for naphtha 1 pct 0 pct 170 mln bbls
Crude for LPG 2 pct 0 pct 12.25 mln bbls
LPG 2 pct 0 pct all imports
LNG 2 pct 2 pct all imports
Note: The new tariffs on crude to be refined for naphtha will be effective for the whole year, while those on LPG and crude for LPG will hold only for the first half of next year, according to the statement.
For liquefied natural gas (LNG), the new tariff will be imposed on imports during the peak seasons of January-March and October-December, according to a ministry official.
For crude that will be imported above the quota, a 3 percent import tariff will be imposed, the ministry said.
Reporting by Meeyoung Cho