S.Korea hikes budget to buy crude, oil products, given low oil prices

South Korea has hiked this year's budget to buy crude oil and oil products by 64 per cent from a year earlier, given low oil prices, the country's energy ministry said on Tuesday. 

PHOTO: BLOOMBERG

JAN 26, 201611:24 AM

[SEOUL] South Korea has hiked this year's budget to buy crude oil and oil products by 64 per cent from a year earlier, given low oil prices, the country's energy ministry said on Tuesday.

The world's fifth-largest crude importer set aside a combined 90 billion Korean won (S$107 million) to buy crude oil and oil products for its strategic reserve, compared with last year's 54.9 billion won, the ministry said in a statement.

REUTERS