Minister of Industry: "70% of Crude Oil Imported from the Middle East... Strategic Reserves Will Be Released Immediately if Oil Supply Worsens"

In the center of the front row is Seong Yun-mo, Minister of Trade, Industry and Energy. The photo shows his visit to the Korean Air cargo terminal export site at Incheon Airport on the 1st. (Photo by Ministry of Trade, Industry and Energy)

[Asia Economy Reporter Moon Chaeseok] Sung Yun-mo, Minister of Trade, Industry and Energy, emphasized, "Since Korea imports more than 70% of its crude oil from the Middle East, it is essential to establish an 'emergency oil supply response system' that can respond immediately in case of instability in major oil-producing countries."

On the first day of the Lunar New Year holiday, the 24th, Minister Sung visited the Korea National Oil Corporation's Seosan oil reserve base to inspect the emergency oil supply response system and made these remarks.

Completed in 2005, the Seosan oil reserve base is managed by the Korea National Oil Corporation along with the Guri, Yongin, Pyeongtaek, Donghae, Gokseong, Yeosu, Ulsan, and Geoje bases. It is a nationally important facility that supplies fuel to the central and metropolitan areas in emergencies.

According to the Ministry of Trade, Industry and Energy, Minister Sung ordered on-site workers to establish an emergency oil supply response system, including the immediate release of reserved oil if the situation in the Middle East becomes unstable and domestic oil supply deteriorates.

He also urged them to do their best in safety management of the oil reserve bases, which are nationally important facilities, as new threats such as the Goyang storage facility lantern fire and drone intrusions are increasing.

Minister Sung stated, "The Korea National Oil Corporation was established to stabilize domestic oil supply after experiencing the shock of past oil crises," adding, "Our preparedness is directly linked to the safety of the people, and the Ministry of Trade, Industry and Energy and the Korea National Oil Corporation must work together to ensure a stable oil supply with a strong sense of mission."