International News 09 June 2026
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China Delays Refinery Expansions
Several Chinese refiners have postponed expansion projects that were originally scheduled to begin operations this year, as disruptions to Middle Eastern crude oil supplies through the Strait of Hormuz continue amid the Iran conflict, according to sources familiar with the matter. The delayed projects, with a combined capacity of roughly 500,000 barrels per day (bpd), could curb China's oil demand growth and limit the pace of global crude demand expansion at a time when the world's largest oil importer is already facing weaker fuel consumption. One of the affected projects is the refinery owned by HAPCO, a joint venture between Saudi Aramco, China's state-owned defense conglomerate Norinco Group, and Panjin Xincheng Industrial Group. According to five sources familiar with the project, HAPCO has pushed back the start-up of its 300,000-bpd refinery in Panjin, northeastern China, to September or early October 2026, from its original target of May or June. Energy consultancy Energy Aspects also expects the refinery to begin operations only toward the end of 3Q26, citing uncertainty over feedstock availability due to disruptions in crude shipments through the Strait of Hormuz.
Iran Strikes Haifa Petrochemical Facility
Iran has retaliated against Israel. On Monday (June 8, 2026), Iran’s Revolutionary Guard announced that it had launched a missile strike targeting a petrochemical facility in Haifa, Israel. Tehran stated that the attack was carried out in response to recent U.S.-Israeli strikes on Iranian petrochemical infrastructure. According to Reuters, the Revolutionary Guard warned that any further attacks on non-military and energy-related targets in the region could have significant repercussions for the global economy. Iran also stated that the United States would bear responsibility for the consequences of any further escalation.
https://internasional.kontan.co.id/news/balas-serangan-iran-serang-pabrik-petrokimia-israel
South Korea Stocks Plunge
South Korea’s stock market tumbled on Monday (June 8, 2026), with the benchmark KOSPI index plunging nearly 9% and triggering a temporary trading halt. The sell-off came after stronger-than-expected U.S. jobs data fueled market speculation that the Federal Reserve could maintain higher interest rates for longer, prompting a broad risk-off sentiment across equities. According to Reuters, the KOSPI fell as much as 8.8% in early trading, led by sharp declines in chipmakers Samsung Electronics and SK Hynix, which both dropped more than 10%. The two semiconductor giants had been key drivers behind the index’s record-breaking rally, supported by extraordinary gains that lifted their market capitalizations by more than 150% and 200% year-to-date, respectively. Together, they now account for over half of the benchmark index and have joined the ranks of companies valued at over US$1 trillion. The market-wide circuit breaker was activated at 00:03 GMT, halting trading for 20 minutes for the first time in three months. It marked the third such intervention this year and the ninth in the market’s history. After trading resumed, a separate “sidecar” mechanism was triggered, helping pare the KOSPI’s losses to 5.4% by 02:16 GMT.