Korea National Oil Corporation Holds Annual Meeting with Japan's JOGMEC... Strengthening Energy Security in Oil Stockpiling

Strategic Alliance Agreement Signed Between Korea and Japan's Oil Stockpiling Agencies...
Annual Regular Meetings Held
Mutual Exchange and Benchmarking of Oil Stockpiling Information,
Strengthening of Cooperative Framework

Korea National Oil Corporation (President Kim Dongseop) held its annual meeting with JOGMEC, the Japan Oil, Gas and Metals National Corporation, at its Ulsan headquarters on the 8th, where the two sides discussed national oil stockpiling policies and current issues related to oil stockpiling technology.

Ahn Beomhee, Head of the Stockpiling Headquarters at Korea National Oil Corporation (5th from the right), and Tetsuya Furuhata, Deputy Head of the Stockpiling Department at JOGMEC (6th), are taking a commemorative photo at the regular meeting held on the 8th at the Ulsan headquarters. Provided by Korea National Oil Corporation

JOGMEC is a Japanese state-owned energy company that plays a central role in national resource security by providing financial and technical support for the development of oil, mineral resources, hydrogen, and other new energy projects.

The meeting was attended by Ahn Beomhee, Head of the Stockpiling Business Headquarters at Korea National Oil Corporation, Tetsuya Furuhata, Deputy Head of the Stockpiling Department at JOGMEC, and other officials from both organizations.

Since signing a Strategic Alliance Agreement (SAA) between the oil stockpiling agencies of Korea and Japan in June 2007, the two sides have held regular annual meetings to share updates on national stockpiling policy trends and stockpiling know-how.

Korea currently holds a total of 206.9 days’ worth of oil reserves, combining both government and private sector stocks, while Japan holds a total of 199.3 days’ worth of reserves.

At this regular meeting, the two organizations discussed issues related to the operation of oil stockpiling bases, including the current status of oil stockpiling policies in both countries, facility management at stockpiling bases, quality control of stockpiled oil, and disaster management at stockpiling bases. In particular, this year’s meeting focused on internal cleaning methods during crude oil tank inspections.

The JOGMEC delegation is scheduled to visit Korea National Oil Corporation’s Pyeongtaek stockpiling base on the 9th to tour the storage facilities. Through this visit, the two sides plan to discuss technical know-how related to underground LPG storage.

Korea National Oil Corporation and JOGMEC plan to continue strengthening their energy security cooperation and further enhance their collaborative framework through the ongoing holding of such regular meetings and the sharing of expertise.