Hanwha TotalEnergies Resumes Imports of Libyan Crude Oil, Breaking a Decade-Long Hiatus

Imports Resumed After a Decade-Long Hiatus Since the 2010s

Supply Diversification Achieved with 520,000 Barrels Imported

Hanwha TotalEnergies has resumed the import of Libyan crude oil, which had been suspended since the end of the 2010s. This move comes as part of the company's efforts to diversify its supply sources, following supply chain disruptions caused by the closure of the Strait of Hormuz due to the U.S.-Iran conflict.

Panoramic view of Hanwha TotalEnergies Daesan Plant. Hanwha TotalEnergies

According to Hanwha TotalEnergies on May 7, the company imported approximately 520,000 barrels of Libyan crude oil in March. A representative from Hanwha TotalEnergies explained, "We previously imported Libyan oil in the 2010s. This marks a return to those imports."

Until now, Hanwha TotalEnergies has produced naphtha by cracking condensate sourced from the Middle East and Australia. However, as imports from the Middle East became difficult due to the blockade of the Strait of Hormuz, the company secured Libyan condensate as a spot supply to serve as an alternative source.

Libya is an oil-producing country with one of the largest oil reserves in Africa, and its crude oil is characterized by a high proportion of light crude. However, the domestic refining industry in Korea has largely focused on heavy crude processing facilities, which has limited the import of Libyan crude oil in the past.

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