Seoul, May 26 (IANS) South Korea is taking a cautious approach with the timing of its oil stockpile release under the agreement among International Energy Agency (IEA) members amid concerns there could be a global oil crisis in August, an industry ministry official said on Tuesday.Earlier this year, Seoul pledged to release 22.46 million barrels of oil from its strategic reserves by June 9 under a joint plan adopted by 32 member nations of the IEA as part of efforts to help address disruptions i…
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Seoul, May 14 (IANS) More than 96 per cent of gas stations nationwide have kept gasoline prices unchanged under the country’s fuel price cap system, the industry ministry said on Thursday, noting South Korea is managing fuel prices within a relatively stable range compared with other major economies.As of Wednesday, 96.1 percent of the country’s 10,646 gas stations had maintained gasoline prices at the previous day’s level, the Ministry of Trade, Industry and Energy said during a regular briefin…
Seoul, April 28 (IANS) The industry ministry here said on Tuesday it will provide a combined 300 billion won ($203.6 million) in support for projects aimed at facilitating the artificial intelligence (AI) and green transformation of industrial complexes.The support will be offered over the next three to four years for nine projects aimed at creating the so-called smart and green industrial complexes, according to the Ministry of Trade, Industry and Resources. The ministry will first invest a com…
Seoul, April 9 (IANS) South Korea has yet to receive any official request from Iran on fees for passage through the Strait of Hormuz, a Seoul official said on Thursday, adding that the government is still working to identify the situation surrounding the major shipping route amid a fragile two-week ceasefire between the United States and Iran.”There has been no request from Iran for transit fees or payments,” Yang Ghi-wuk, deputy minister for trade, industry and resource security, said in a regu…
Seoul, April 7 (IANS) South Korea has secured an additional 60 million barrels of alternative oil supplies for May that will replace supplies from the Middle East that have been blocked due to the effective closure of the Strait of Hormuz, the government said on Tuesday.The country has secured a total of 110 million barrels of oil — 50 million for April and 60 million for May — so far from 17 countries, including Saudi Arabia, the United States, the United Arab Emirates, Brazil and Canada, Yan…
Seoul, April 2 (IANS) South Korea has secured around 50 million barrels of alternative oil supplies for this month to replace supplies from the Middle East blocked due to the effective closure of the Strait of Hormuz, government officials said on Thursday, vowing continued efforts to stably manage energy supplies.The government and oil refineries are working hard to secure alternative oil supplies from different countries, Yang Ghi-wuk, deputy minister for trade, industry and resource security, …
Seoul, March 31 (IANS) The government will operate a crude oil swap system with private companies, starting Tuesday, in a bid to help oil refineries secure alternative oil supplies and minimise supply disruptions, the industry ministry said.Under the system, set to run over the next two months, the government will lend some of its oil reserves, mostly Middle Eastern crude, to oil refineries and later restore the stock with alternative supplies secured by the companies, reports Yonhap news agency…