Vice Minister of Economy and Finance: "Urea Solution to Be Stably Supplied Beyond Key Gas Stations"

Lee Eok-won, Vice Minister of Strategy and Finance, is presiding over the "15th Joint Government-wide Response Meeting on Urea Solution Supply" held at the Government Complex Seoul on the 23rd. 2021.11.23 Photo by Yonhap News

[Sejong=Asia Economy Reporter Son Seonhee] The government announced that a stable supply of a certain scale or more of urea solution is continuously being provided at gas stations other than the 100 key distribution gas stations.

Lee Eokwon, the 1st Vice Minister of the Ministry of Economy and Finance, held the "15th Inter-Ministerial Joint Response Meeting on Urea Solution Supply and Demand" at the Government Complex Seoul on the 23rd and made this statement. Vice Minister Lee said, "The daily production volume of the five major manufacturers has recovered to a level exceeding the average daily consumption of urea solution (about 600,000 liters) as it was last week."

The production volume of urea solution by the five major companies recorded 870,000 liters on the 17th, 790,000 liters on the 18th, and 830,000 liters on the 19th, but dropped to 580,000 liters on the 20th. Then, it increased again to 910,000 liters the day before.

Vice Minister Lee added, "In the case of about 100 key distribution gas stations, the volume of incoming and sales has also recovered to last week's level."

The government also announced some progress in import volumes from China through diplomatic channels. Vice Minister Lee explained, "An additional 7,090 tons of pre-export inspection application volume was confirmed the day before, completing inspection applications for a total of 16,800 tons out of 18,700 tons overall," and added, "For these volumes, the private and public sectors are closely consulting on an individual case basis to ensure that follow-up procedures such as pre-export inspections are completed promptly."

He further stated, "It was additionally confirmed that pre-export inspections were completed for 4,300 tons, including 3,000 tons of vehicle urea from Company L, making a total of 6,710 tons completed for pre-export inspection," and added, "We are discussing with related ministries such as the Ministry of Oceans and Fisheries and the Ministry of Trade, Industry and Energy, as well as national shipping companies, to swiftly bring these volumes into the country by early next month." Efforts to secure volumes through third countries such as Vietnam are also ongoing.

Meanwhile, the government confirmed a total of 12 violations through on-site inspections by the crackdown team on hoarding and speculation of urea solution, and filed complaints for 9 of these cases.