“Cold Wave Peak, Energy Emergency”… Kim Dong-seop, President of Korea National Oil Corporation, Inspects Reserve Base

Verification of Land and Maritime Crude Oil Loading and Unloading Facility Management

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] As a cold wave sweeps across the country causing a surge in energy demand, the Korea National Oil Corporation (KNOC) has begun on-site inspections of domestic oil storage bases.

Kim Dong-seop, President of KNOC, personally started safety management inspections at nine oil storage bases nationwide, beginning with Ulsan, as temperatures dropped sharply.

President Kim Dong-seop of Korea National Oil Corporation inspected the offshore loading and unloading facilities at Ulsan Storage Base on the 26th.

On the 26th, President Kim visited the Ulsan storage base to receive a comprehensive report on facility management and boarded a marine work vessel to directly check the maintenance status of offshore crude oil loading and unloading equipment such as buoys, thereby inspecting the on-site safety management status in preparation for the cold wave.

A buoy is an offshore crude oil loading and unloading facility installed at sea. Under normal circumstances, it is used to transfer crude oil from tankers to onshore storage facilities, but in emergencies, it is utilized to lend stored crude oil within the base to nearby private refineries, contributing to the stabilization of domestic crude oil supply and demand.

After inspecting the safety management implementation status of onshore and offshore facilities, President Kim Dong-seop stated, “If an accident occurs during offshore crude oil loading and unloading, it could immediately lead to a national disaster,” and added, “Please keep in mind that safety is the top priority on site and prepare thoroughly to prevent any accidents.”

Currently, KNOC stores 96.7 million barrels of reserve oil at nine locations nationwide (Ulsan, Geoje, Yeosu, Seosan, Guri, Pyeongtaek, Yongin, Donghae, Gokseong). This amount can meet domestic demand for 111 days even in the worst-case scenario where crude oil imports are halted due to an emergency.

Since launching the oil stockpiling project in 1980, the corporation has cooperated with organizations such as the IEA and has released reserve oil six times to date, establishing energy security readiness and contributing to the stability of the civilian economy.