Government: "Rapid Improvement in Urea Solution Supply... Public Sector Secures '23 Days' Worth' of Stock"

Deputy Minister Lee Ok-won of the Ministry of Economy and Finance (third from the right) is presiding over the "Inter-Ministerial Joint Response Meeting on Urea Solution Supply" held at the Government Seoul Office in Gwanghwamun, Seoul on the 8th. 2021.11.8
[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Son Seon-hee] The government announced on the 17th that the production and supply volume of urea solution is rapidly improving. In particular, it was revealed that for the first time since the urea solution shortage crisis, the supply volume of urea solution at about 100 key distribution gas stations nationwide exceeded the sales volume the previous day.

Lee Eok-won, the 1st Vice Minister of the Ministry of Economy and Finance, chaired the "10th Inter-ministerial Joint Response Meeting on Urea Solution Supply and Demand" at the Government Complex Seoul in the morning and checked the supply and demand situation of urea and urea solution.

Vice Minister Lee said, "As the operating rates of the five major manufacturers have improved and production is gradually normalizing, the production volume of the five major companies alone exceeds the daily average consumption (about 600,000 liters)." He added, "As of the previous day, a total of 551,000 liters were supplied to 84 gas stations, mainly those that had run out of stock among about 100 key distribution gas stations, and 395,000 liters were sold." He explained that overall supply and distribution are improving, centered on key gas stations.

The government also stated that urea solution supply outside of key gas stations is estimated to have increased from 50,000 liters on the 13th to 300,000 liters on the 15th due to the overall increase in production volume.

Furthermore, the government announced that urea solution produced from urea secured domestically and internationally is being promptly distributed to public demand sites, gas stations, construction companies, and others.

Vice Minister Lee said, "To enhance the convenience of urea solution consumers, the disclosure of inventory status at about 100 key distribution gas stations, which started from the day before, is being conducted normally twice a day." He added, "We are continuously improving the system to facilitate information access through mobile applications (apps), and plan to promptly establish a system that provides real-time urea solution inventory information in the form of an app through collaboration with related ministries and private experts."

In addition, the government stated that it is proceeding with procedures to secure export volumes within China through diplomatic channels and will continue efforts to secure alternative import sources such as Vietnam.

Vice Minister Lee said, "As a result of investigating the urea solution inventory volume in the public sector by local governments centered on the Ministry of the Interior and Safety, it was confirmed that there is an inventory volume nationwide that can be used for an average of 23 days." He added, "Fire department vehicles and health center ambulances have a stable inventory volume for about 3 to 4 months."

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