▲ This file photo, provided by Lotte Chemical Corp. on May 22, 2021, shows a plant in the western city of Seosan. (PHOTO NOT FOR SALE) (Yonhap)

S Korea-Saudi Arabia tariffs

S. Korea to impose anti-dumping tariffs on Saudi Arabian industrial solvent

SEOUL, June 9 (Yonhap) -- South Korea's trade watchdog said Thursday that it has decided to impose 43.58 percent anti-dumping tariffs on an industrial solvent from Saudi Arabia over the next five years, citing substantial damage to South Korean industry.

In June last year, Lotte Chemical Corp. filed a petition with the Korea Trade Commission, claiming that cheap imports of butyl glycol ether have hurt its business.

After a yearlong probe, the commission ruled that Lotte Chemical suffered substantial damage -- a decline in profits and lower market prices of the industrial solvent -- due to cheap imports from Sadara Chemical Co, a joint venture between Saudi Aramco and U.S. firm Dow Chemical.

South Korea's finance minister is set to make a final decision based on the commission's ruling by August, it added.

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