Inspection of Ulsan Storage Base:
Checking Oil Stockpile Status and Emergency Release Readiness
Kim Dongseop, President of Korea National Oil Corporation, visited the Ulsan Storage Base on the 24th to inspect the emergency release readiness in preparation for a potential oil crisis originating from the Middle East.
President Kim Dongseop of Korea National Oil Corporation (fourth from the left) visited the Ulsan Storage Base on the 24th to conduct an on-site inspection of the emergency release readiness. Provided by Korea National Oil Corporation
On the afternoon of the same day, President Kim visited the Ulsan Storage Base to conduct an on-site inspection aimed at ensuring full preparedness for emergency release, including checking the status of oil stockpiles and the condition of loading and unloading facilities.
The Ulsan Storage Base of Korea National Oil Corporation stores approximately 14 million barrels of crude oil. In the event of an emergency release, it will supply crude oil and other petroleum products to nearby refiners such as SK Energy and S-OIL.
President Kim stated, "Given our country's high dependence on Middle Eastern oil, the role of Korea National Oil Corporation becomes extremely important in the event of a supply crisis caused by regional instability." He added, "We will make even more thorough preparations to ensure that there is no disruption to the domestic oil supply in emergencies."
Korea National Oil Corporation President Kim Dongseop (second from right) is visiting the Ulsan Storage Base on the 24th to conduct an on-site inspection of the emergency release readiness.
South Korea, including both government and private reserves, holds a total of 206.9 days' worth of oil stockpiles, exceeding the International Energy Agency (IEA) recommended standard of 90 days. Of this total, Korea National Oil Corporation manages 116.5 days' worth of government reserves across nine storage bases nationwide.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
