South Korea refiners considering imports of Venezuelan crude, association says
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SEOUL, July 30 : South Korea’s four refiners are considering importing Venezuelan crude oil to diversify their supply sources as conflict in the Middle East disrupts shipping through the Strait of Hormuz, an official at the Korea Petroleum Association said.
GS Caltex, one of the nation’s major refiners, imported 110,000 barrels of crude oil from Venezuela in June in order to test its quality, the association official told Reuters, confirming a local media report.
The refiner will evaluate whether the crude is suitable for its facilities and assess product yields, the official said.
The other three refiners – HD Hyundai Oilbank, SK Innovation and S-Oil – are also weighing potential crude imports from Venezuela, the official said.
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The refiners are seeking to reduce their heavy reliance on the Middle East, focusing on price competitiveness and supply stability, the association official said.
They are also considering alternative imports from Canada and Australia, while ruling out U.S. shale oil due to the smaller operational size of individual suppliers there, the official added.
South Korea’s consideration of imports from the South American nation came after U.S. President Donald Trump urged oil firms to invest $100 billion in Venezuela and rebuild the country’s energy sector.
Some U.S. and multinational oil companies have expressed interest in Venezuela this year after the U.S. ousted President Nicolas Maduro in a January 3 raid.
Source: Reuters
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