South Korea Bolsters Resource Security with Crude Oil Stockpiling Expansion

The South Korean government has finalized a mid- to long-term resource security roadmap, which includes expanding crude oil stockpiling facilities to a capacity of 20 million barrels by 2030 and reducing dependence on specific regions such as the Middle East to 50% or less by 2035.

The plan, reviewed and finalized at the 6th Resource Security Council, aims to establish a resource security posture that does not waver even in crises. The government judged that vulnerabilities in supply chains were exposed during the response to the Middle East war.

The petroleum stockpiling plan calls for securing up to 7.045 million barrels of government stockpiled oil and utilizing it for international joint stockpiling with oil-producing countries. Additionally, condensate will be secured to link with the petrochemical industry.