A controversy erupted as the Korean government, which is now encouraging the imports of crude oil and shale gas from the United States, is collecting “oil import duties” from refiners. The private-sector companies that import U.S. crude oil and shale gas to comply with the government policy are now raising voices of complaint.
Given that the Korea-U.S. free trade agreement strictly prohibits the levy of import-related duties, this issue could be escalated into a trade conflict between Korea and the United States.
According to industry sources on April 19, the Korean government asked GS Caltex, which imported 2 million barrels of U.S. crude oil back in November last year, to pay 5.1 billion won of oil import duties.
The government also intends to levy oil import duties on Hyundai Oilbank which announced on April 9 a plan to import 2 million barrels.
Oil import duties are a quasi-tax imposed on the importers of crude oil, costing them 16 won per liter. Some experts pointed out that the imposition of such duties violates the Korea-US FTA agreement.
The Public Officials Benefit Association (POBA) will select two global private credit managers to invest around $200 million in mezzanine debt via separately managed accounts (SMAs). POBA will allocate $100 million to each of two SMAs through two domestic investment&hellip
The Government Employees Pension Service (GEPS) will allocate $20 million to US dollar-denominated structured notes based on South Korean credit default swaps (CDS) and three-month US dollar LIBOR. It received proposals for the investment mandate by the afternoon of June 26.&hellip
Korea Investment Corporation (KIC) will open its third overseas office in Singapore as early as August in its push for alternative investments in Asia, according to a local newspaper report. The opening of a foreign office will come six years&hellip