Seoul: LG Chem Ltd., South Korea's leading chemical company, has secured 27,000 tons of naphtha from Russia amid a potential supply shortage caused by the war in the Middle East, the industry ministry and business circles said Monday. The shipment is expected to arrive in the country later today and will proceed to the Daesan industrial complex, a major petrochemical hub in South Chungcheong Province.

According to Yonhap News Agency, the 27,000 tons of imported naphtha falls significantly short of the average 4 million tons used monthly in South Korea. However, it represents a new alternative supply route developed through cooperation between the private sector and the government amidst the ongoing conflict. The import was facilitated by a temporary easing of U.S. sanctions on Russia's petroleum products. Future imports will depend on whether the U.S. extends this measure, which is currently set to expire on April 11, a ministry official stated.

South Korea relies on imports for 45 percent of its naphtha needs, with 77 percent of these imports sourced from the Middle East. The recent acquisition from Russia highlights efforts to diversify supply sources under challenging geopolitical circumstances.