Government "Secures 3 Months' Supply of Vehicle Urea Solution"… 5.3 Million Liters to be Supplied from the 12th (Comprehensive)

18th Departure of 18,700 Tons of Chinese Urea... Additional Contract for 5,000 Tons of Vietnamese Urea
Australian Urea Distributed to Private Ambulances

From Tomorrow, Military Stock Supplied to Gas Stations Near 5 Ports
Emergency Supply Adjustment Notice... Tax Investigation on Illegal and Evasive Companies

Cargo trucks refueling with urea solution at a roadside stall selling urea solution set up near the Woongdong hinterland area of Busan New Port in Jinhae-gu, Changwon-si, Gyeongsangnam-do. (Image source=Yonhap News)

[Sejong=Asia Economy Reporter Moon Chaeseok] The government announced that it has secured a three-month supply of automotive urea solution for domestic use. An additional 5.3 million liters (ℓ) of urea solution secured through on-site inspections will be supplied to the market starting from the 12th.

On the 10th, the government held an inter-ministerial joint response meeting on urea solution supply and demand, chaired by Lee Okwon, the 1st Vice Minister of Strategy and Finance, to check supply and demand trends. The government stated, "We have secured automotive urea solution sufficient for about two and a half months of domestic use." Considering the domestic stockpiles not yet accounted for, the government expects no supply issues for about three months going forward. The secured automotive urea solution includes quantities from China (18,700 tons), Vietnam urea supplies (5,600 tons), Australian imported urea solution (27,000 ℓ), domestic stockpiles identified through on-site inspections (15.61 million ℓ), and military reserve stockpiles (200,000 ℓ).

First, 18,700 tons of urea contracted in advance by Korean companies with Chinese suppliers will soon be imported domestically. Of this amount, 10,300 tons are for automotive use. Separately, 2,700 tons of industrial urea completed loading this morning and departed from Qingdao Port, China. Additionally, 300 tons of automotive urea are scheduled to depart from China on the 18th.

An additional 5,000 tons of urea have been secured from Vietnam, expected to be introduced domestically in early next month. However, further verification is needed to confirm if it is suitable for automotive use. The imported urea solution from Australia (27,000 ℓ) will be brought in via military transport aircraft on the 11th. The government plans to allocate this supply for urgent demand such as private ambulances.

With urea and urea solution designated as emergency supply control items, the government now has a direct purchasing route. When the government identifies overseas suppliers, the Public Procurement Service signs contracts and imports the supplies domestically. Imported quantities undergo import declaration before arrival to expedite customs clearance without delay, and urea solution inspection applications replace on-site verification with photographic confirmation to proceed as swiftly as possible.

The government also revealed that a joint investigation confirmed that out of 319 domestic companies, 299 hold stocks of 15.61 million ℓ of automotive urea solution and 7.49 million ℓ of industrial and commercial urea solution. The National Tax Service inspected 278 companies with a total automotive urea solution stock of 13.58 million ℓ, while the Ministry of Environment-led joint inspection team checked 41 companies with 2.03 million ℓ of automotive urea solution stock. The remaining 20 companies are undergoing additional verification. This inspection focused mainly on large domestic companies. The government estimates that additional stocks exist at retail stores and gas stations not yet inspected. The 5.3 million ℓ of urea solution secured through on-site inspections will begin to be supplied to the market from the 12th.

Besides the private sector, the military’s reserve stock of 200,000 ℓ of urea solution will be supplied starting from 2 p.m. on the 11th to 32 gas stations near five major ports nationwide?Busan, Incheon, Gwangyang, Pyeongtaek, and Ulsan?to be used by export-import container trucks and others. The government plans to set a supply limit of 30 ℓ per vehicle to distribute the quantity to as many vehicles as possible and supply it at about 1,200 KRW per liter, the existing market price level. Accordingly, the government expects that about 7,000 out of 10,000 container trucks will receive urea solution.

Furthermore, starting from the 11th, an emergency supply adjustment notice will be implemented requiring urea solution importers and sellers to report import and sales volumes, prices, and stock levels, and allowing the government to issue import and sales orders if necessary. Companies involved in illegal hoarding or other unlawful acts related to urea solution will be subject to tax audits to verify tax evasion. To prepare for the possibility of sellers relocating stocks, future hoarding inspections will also review sales records, and if there are signs of large-volume sales, the corresponding purchasers will be investigated as well.

This content was produced with the assistance of AI translation services.