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

Tuesday, January 26, 2016 - 11:24
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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.

[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