Korea National Oil Corporation President Kim Dong-seop Urgently Inspects Oil Storage Facilities in Preparation for Middle East Crisis

Urgent Inspection of Preparedness for Strategic Oil Reserve Release Amid Rising Middle East Conflict Concerns

Constant Response System Activated for Swift Action in Emergencies

Kim Dong-seop, President of Korea National Oil Corporation, recently visited the Ulsan Oil Storage Base on the 16th to check the emergency oil release readiness and preparation status in response to the escalating crisis originating from the Middle East, inspecting the on-site management conditions.

Kim Dong-seop (right), President of Korea National Oil Corporation, conducting a readiness check for oil release and facility safety inspection at the Ulsan Petroleum Reserve Base in preparation for an oil crisis situation.

On the 13th, Iran attacked the Israeli mainland using missiles and drones and seized Israeli-related vessels in the Strait of Hormuz, intensifying the crisis situation in the Middle East region.

Since the Strait of Hormuz, responsible for 72% of domestic oil transportation, is expected to be blocked due to the escalating Middle East crisis, potentially disrupting domestic oil supply, the Korea National Oil Corporation checked the readiness for oil release to ensure smooth discharge of strategic reserves in case of an emergency.

On this day, President Kim Dong-seop received a report on the emergency release readiness and the current status of oil reserves in preparation for an oil supply crisis. During the subsequent on-site inspection, President Kim emphasized, “We are closely monitoring the possibility that the current Middle East crisis may affect South Korea’s oil supply, and I urge thorough preparation to ensure that strategic reserves can be released without any disruption in case of an emergency.”

Currently, the Korea National Oil Corporation operates nine oil storage bases nationwide, including Ulsan, Yeosu, and Seosan, and stores 97 million barrels of strategic reserves to prepare for emergencies such as domestic oil supply crises. This amount can supply the country for approximately 128 days in the event of an emergency.

In October of last year, when the conflict between Israel and Hamas intensified, the Korea National Oil Corporation formed an Oil Crisis Response Task Force and has maintained a constant response system since then.