Presidential Office on 'Blue Whale' Budget Cut: "Does the Democratic Party Not Want the Country to Prosper?"

Opposition Cuts Oil and Gas Field Development Budget
Yongsan: "They Plan to Cut All Projects"

Presidential Office, Yongsan-gu, Seoul. Photo by Kang Jin-hyung

The Presidential Office criticized the Democratic Party of Korea for cutting the budget related to the 'Daewanggorae Project' for the development of the East Sea oil and gas field in next year's budget review, saying, "We want to ask whether the opposition party does not want the country to become prosperous through oil and gas production."

A Presidential Office official met with reporters at the Yongsan Presidential Office on the afternoon of the 1st and emphasized, "Cutting the budget from the first drilling project means cutting off the sprout of the Daewanggorae Project."

The official said, "The Daewanggorae Project is a project that can replace massive energy imports, has a very large effect on the national economy, and can contribute to strengthening energy security at a time of increasing geopolitical conflicts," adding, "It is questionable whether the public will understand such (budget cuts) situation."

However, the official added, "Nevertheless, efforts will be made to ensure that the scheduled drilling schedule is not disrupted."

Earlier, the Democratic Party had cut 49.7 billion won out of 50.5 billion won related to the Daewanggorae Project in next year's budget, which was unilaterally passed at the National Assembly Budget and Accounts Special Committee on the 29th of last month.

Meanwhile, the Presidential Office welcomed the Democratic Party's agreement to postpone taxation on virtual assets, stating, "If the postponement is actually implemented, it is expected to be a great help to investors, so we welcome it."