Government "Securing 18,700 tons of urea including Chinese contract volume"

"Elemental Water Production at Twice the Daily Average Consumption of 600,000 Liters"

Lee Ok-won, 1st Vice Minister of Strategy and Finance. (Photo by Yonhap News)

[Sejong=Asia Economy Reporter Moon Chaeseok] The government announced that it is continuing public-private cooperation to import urea solution, including 18,700 tons (t) already contracted with China.

The Ministry of Economy and Finance stated on the morning of the 9th that it held the "29th Interministerial Joint Response Meeting on Urea Solution Supply and Demand" at the Government Seoul Office, chaired by First Vice Minister Lee Eokwon, to discuss this matter.

According to the government, production is currently at twice the average daily consumption of 600,000 liters (ℓ) this week. Imported quantities are also continuously arriving, with 730,000ℓ on the 6th and 330,000ℓ on the 7th.

The number of gas stations disclosing inventory information increased by 227 from 136 on the 5th to 363 on the 8th in just three days. Online sales of imported finished urea solution products are also proceeding smoothly, with about 20 import companies registered on 10 major online platforms. The government plans to diversify distribution channels to include marts and other outlets in the future.

Furthermore, the government announced that it is continuing public-private cooperation to bring in the 18,700t of urea already contracted with China and to secure additional quantities from China and third countries. As of the 1st, 3,000t of the contracted quantity had been imported domestically. Currently, 5,410t is in transit. Unless there are special circumstances, 910t on this day, 500t on the 10th, and 4,000t on the 13th are scheduled to arrive sequentially.

In addition to the contracted quantities being imported domestically, 1,100t of Chinese urea is undergoing customs procedures such as sample inspection. On the previous day, 4,500t of industrial urea was imported from Vietnam, and on this day, 184,000ℓ of Australian urea solution, 18t of urea, and 700t of Vietnamese industrial urea are expected to arrive at Busan Port.

The government also reported that it is continuously monitoring the supply and demand situation in essential public sectors and regions to maintain a stable supply of urea solution. Of the smuggled quantities seized by the Korea Customs Service, 2,000ℓ will be supplied for snow removal vehicles in Gangwon, and another 2,000ℓ will be supplied for medical waste collection, both planned for use starting on the 10th.

After a comprehensive inspection of the supply situation in Jeju Island, where concerns about supply instability had been raised, it was found that L Company, a major domestic manufacturer, supplied 126,800ℓ to Jeju last month, three times more than in October (40,600ℓ) before the supply instability occurred. Similar quantities (23,000ℓ) arrived in the first week of this month, comparable to November.

The government also confirmed that B Company supplied 66,000ℓ in October, 58,000ℓ last month, and 54,000ℓ this month to six bus operation companies in Jeju Island, indicating no disruption in the supply situation.