(MENAFN) According to South Korea's trade ministry, the country is planning to adjust mandatory oil storage capacity in a bid to expand commercial trading of petroleum products, QNA reported.
Oil refiners are required to maintain a minimum storage capacity of 19.1 billion liters, or 120 million barrels, according to South Korea's (Yonhap) News Agency.
According to the Ministry of Trade, Industry and Energy, a revision of the related law would lower the minimum requirement to about 8.69 billion liters, or 50 million barrels.
"They (refiners) may need the additional capacity for their own use as the country annually exports about USD50 billion worth of petroleum products," said head of the ministry's petroleum division.
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