ministry

Dec. 22 (Asia Today) — South Korea has surpassed 100 million barrels in government-held oil reserves as it seeks to bolster energy security against global supply disruptions, the industry ministry said Monday.

The Ministry of Trade, Industry and Energy said the government’s secured stockpile exceeded 100 million barrels after the final tanker shipment of the year arrived at the Korea National Oil Corporation’s Geoje oil reserve base.

Including about 95 million barrels held by private companies, South Korea now has enough oil to cover more than 210 days under International Energy Agency standards in an emergency, the ministry said.

South Korea, which relies on imports for its oil, adopted a national stockpiling plan in 1980 and has expanded reserves over about 45 years after experiencing global supply shocks during past oil crises, the ministry said.

The country now holds the fourth-largest oil reserves among the agency’s member countries, the ministry said, describing the stockpile as an energy safety net that can help respond to supply crises.

The ministry said it plans to strengthen crisis response capabilities and shift focus from simply expanding volume to improving the quality of reserves.

In its fifth petroleum stockpiling plan prepared earlier this month, the ministry said it would restructure reserves to prioritize oil grades better suited to domestic demand.

An industry ministry official said oil reserve bases operate under strict safety requirements and the government will phase out aging equipment and strengthen disaster response systems.

– Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Dec. 22 (Asia Today) — South Korea’s Ministry of Unification said Monday it has never reported to President Lee Jae-myung on reviewing constitutional amendments tied to a “peaceful two-state” approach as a way to bring North Korea to negotiations.

Unification Ministry spokesperson Yoon Min-ho said at a regular briefing that claims the ministry suggested reviewing constitutional changes during a closed-door work report on Friday were “completely false.”

“Reports saying that the ministry proposed reviewing constitutional amendments to draw North Korea into dialogue are untrue,” Yoon said. He added that the ministry neither raised nor examined such an issue during the briefing.

Earlier Monday, a media report said President Lee took a negative view of a purported ministry suggestion to review changes to Article 3 of the Constitution, which defines the territory of the Republic of Korea as the entire Korean Peninsula, in order to engage Pyongyang.

Yoon reiterated that no such proposal was made and said the ministry has not reviewed the matter.

He also said discussions with the U.S. Embassy on North Korea policy are expected to begin early next year. Preparations are also underway to set a schedule for regular vice-ministerial-level communication with the Foreign Ministry, he said.

On the issue of public access to North Korean media, Yoon said the ministry’s interpretation is that simply viewing North Korean outlets such as Rodong Sinmun does not violate the National Security Act.

– Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.