Smart Move

Taxes on oil imports from areas other than the Middle East are to be cut, the Korean Ministry of Commerce, Industry and Energy has confirmed. The move is part of an effort by the government to diversify the range of countries Korea imports oil from.

The Ministry is yet to specify the amount of the reduction, citing a need for further consultation among relevant ministries.

The ministry hopes the move will drop dependence on Middle East oil to 70 per cent from 73.5 per cent.