"Securing 3.7 Months' Supply of Element"… Ministry of Industry to Provide Subsidies for Diversifying Import Sources

Jang Young-jin, 1st Vice Minister, On-site Inspection
South Korea's No.1 Company Lotte Fine Chemical
Additional Supply Contract for Vietnamese Products

The Ministry of Trade, Industry and Energy announced that First Vice Minister Jang Young-jin visited the Lotte Mart World Tower store in Seoul on the 6th to inspect the stock and sales situation of urea solution. The visit also included Lotte Fine Chemical, the leading domestic producer of urea solution.

"Securing 3.7 Months' Supply of Element"… Ministry of Industry to Provide Subsidies for Diversifying Import Sources

Jang Young-jin, the 1st Vice Minister of the Ministry of Trade, Industry and Energy, who went on-site inspection related to diesel exhaust fluid, is examining the displayed products while listening to the explanation of Park Seok-jae, the store manager, at Lotte Mart World Tower branch in Songpa-gu, Seoul on the 6th. Photo by Jo Yong-jun jun21@

Vice Minister Jang held discussions with participating companies and stated, "We have secured more than a three-month supply through domestic stock and contracts outside China, and alternative import sources have already been secured, so companies can obtain additional quantities. Unlike in 2021, we are now in a position to respond flexibly."

He also said, "As an institutional measure to diversify import sources, we are considering providing subsidies to companies that diversify imports through third countries, and we plan to boldly expand the currently operated public stockpile." Vice Minister Jang added, "There is no problem with the stable supply of automotive urea, so we ask the public to rest assured and purchase only the necessary quantities."

Meanwhile, Lotte Fine Chemical, which attended the meeting, announced that it has signed an additional contract for 5,000 tons of Vietnamese urea this week and that various alternative import sources have already been secured in the Middle East and Southeast Asia. The contracted quantity by Lotte Fine Chemical this time is new and was not included in the previously secured three-month supply. Including this, the Ministry of Trade, Industry and Energy explained that the current urea stock amounts to 3.7 months' worth.