SEOUL, March 18. /TASS/. The Ministry of Industry and Trade of the Republic of Korea has discussed an opportunity of resuming Russian oil imports amid the crisis in the Middle East with management of four large oil refining companies, Hanguk Kyungjae newspaper said, citing sources.

Management of SK Energy, HD Hyundai Oilbank, S-Oil, and GS Caltex held meetings with the Ministry of Industry and Trade for three days since March 13. The consultations were held after the US administration temporarily lifted sanctions on transactions with Russian oil and oil products loaded on board on ships before March 12.

The business and authorities attempted to forecast petroleum product prices in case of Russian feedstock imports and companies pointed to the reasons why deliveries from Russia should resume. South Korean authorities clarified with Washington whether lifting of sanctions on Russian oil covers South Korean firms and got a posirtive answer.

South Korea purchased Russian oil last time in April 2022, the newspaper noted. The share of Russia in imports of the Republic of Korea was just 5.6% and the restart of supplies from Russia may only be a short-term relief for Seoul. South Korean petrochemical plants are adapted to the Middle East feedstock, the news outlet added.