Legislative Notice for the Enactment of the Enforcement Decree and Enforcement Rules of the National Resource Security Special Act
When a resource security crisis occurs or is anticipated, the resource security crisis alert will be operated in four stages (Interest, Caution, Warning, Serious) considering the severity and ripple effects of the crisis.
The Ministry of Trade, Industry and Energy announced on the 31st that it will publicly notify the draft enforcement decree and enforcement rules of the "Special Act on National Resource Security," enacted and promulgated on Tuesday, February 6, as subordinate legislation, until September 9. This draft was prepared by the Ministry of Trade, Industry and Energy through consultations with industry, related organizations, experts, and relevant ministries.
First, Korea National Oil Corporation, Korea Gas Corporation, Korea Mine Reclamation Corporation, Korea Hydro & Nuclear Power, Korea Energy Agency, Korea Energy Economics Institute, and Korea Overseas Resources Development Association are designated as resource security dedicated agencies to support government functions such as establishing basic and implementation plans, building and operating the national resource security integrated information system, and diagnosing and evaluating resource security.
Supply chain inspections and analyses to identify vulnerabilities in sectors such as oil, gas, and critical minerals will be conducted by major energy and resource-related organizations including Korea National Oil Corporation, Korea Gas Corporation, Korea Mine Reclamation Corporation, Korea Hydro & Nuclear Power, and Korea Energy Agency upon request by the Ministry of Trade, Industry and Energy. The Ministry may request corrective and supplementary measures from each organization based on the results.
In peacetime, the designated stockpiling agencies are Korea National Oil Corporation, Korea Gas Corporation, Korea Coal Corporation, Korea Hydro & Nuclear Power, Korea Mine Reclamation Corporation, and Korea Energy Agency. The stockpile quantities will be stipulated by public notice considering the domestic and international supply and demand status of the relevant critical resources. In the event of a crisis, the stockpiling agencies and stockpile quantities will also be stipulated by public notice considering domestic and international supply and demand conditions. During peacetime, stockpiling will be maintained mainly by the public sector, and in times of crisis, the stockpiling agencies will be expanded to impose additional stockpiling obligations, operating a dual stockpiling system.
The Ministry of Trade, Industry and Energy plans to complete the establishment of the enforcement decree and enforcement rules before the enforcement of the Special Act on National Resource Security on February 7 next year.
The full text of the draft enforcement decree and enforcement rules can be viewed on the Ministry of Trade, Industry and Energy website. If there are any opinions, they can be submitted through the Public Participation Legislation Center or directly to the Resource Security Policy Division of the Ministry.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
