en.Wedoany.com Reported, South Korea's LG Chem plans to import 27,000 metric tons of Russian naphtha on Monday, marking the first such purchase by a South Korean company from Russia since the U.S. eased related sanctions. The South Korean Ministry of Trade, Industry and Energy has confirmed the size of the shipment but did not disclose the name of the importer.

LG Chem, a major petrochemical company in South Korea, declined to comment on the matter. Sources revealed that the company is seeking more supplies of Russian naphtha, although whether this can be achieved remains uncertain.

Earlier this month, the U.S. government issued a 30-day waiver allowing countries to purchase sanctioned Russian petroleum products. The South Korean Ministry of Trade, Industry and Energy stated that South Korean companies are also exploring Russian crude oil supplies, but specific plans have not yet taken shape.

South Korea relies on imports to meet approximately 45% of its naphtha demand, with 77% typically sourced from the Middle East.

South Korea confirmed with the U.S. last week that it can use non-U.S. dollar currencies to pay for Russian petroleum products, including naphtha, without facing secondary sanctions. Additionally, South Korea has implemented a ban on naphtha exports starting from midnight on Thursday to secure domestic supply.

Ruling party lawmaker Ahn Doo-je said in a meeting: "The country is also facing a shortage of synthetic resins. The Ministry of Trade, Industry and Energy is studying measures such as export restrictions to ensure inventory."

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