South Korea is to ease blending restrictions at its oil storage terminals, according to reports.
Sources claim that the move is an attempt to bolster its position as an North Asia trading centre.
South Korea is currently the world’s fifth biggest crude importer.
A plan was unveiled in 2014 to turn Ulsan and Yeosu ports into an oil shipping and storage cluster, a potential challenge to the long-established Asian oil trading centre in Singapore.
South Korea’s government agreed earlier this year to allow trading companies to blend refined fuels at the country’s oil terminals.
However technical aspects and guidelines needed for implementation are still being formalised.