Government Launches TF for 'S-Oil Explosion Accident'... Considering Release of Stockpiled Oil

Ministry of Industry Forms 'Temporary TF for Oil Supply Stabilization'
"Release of Stockpiled Oil if Supply Disruptions Expected"

S-Oil Explosion and Fire Scene
(Ulsan=Yonhap News) On the afternoon of the 19th, a large fire broke out due to an explosion at the S-Oil Ulsan Plant in Onsan Industrial Complex, Ulju-gun, Ulsan City, with flames soaring. 2022.5.20 [Provided by Ulsan Fire Headquarters. Redistribution and DB prohibited]
yongtae@yna.co.kr
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[Asia Economy Sejong=Reporter Lee Junhyung] The government is activating a task force (TF) to prevent disruptions in oil supply following the explosion accident at the S-Oil Ulsan plant. The government plans to release government stockpiled oil in case of supply disruptions.

The Ministry of Trade, Industry and Energy announced that Deputy Minister Park Iljun visited the site of the S-Oil explosion accident located in Ulsan on the 20th. Previously, a major explosion accident occurred at the S-Oil Ulsan plant due to a gas leak, resulting in one death and nine injuries. During a meeting with S-Oil executives including the vice president, Deputy Minister Park urged prompt follow-up measures and strengthening of workplace safety management.

S-Oil CEO Apologizing
(Ulsan=Yonhap News) Reporter Kim Yongtae = On the morning of the 20th, Hussein Al-Katani, CEO of S-Oil, located in Onsan-eup, Ulju-gun, Ulsan City, is delivering an apology statement regarding the explosion and fire accident that occurred the previous day. 2022.5.20
yongtae@yna.co.kr
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The Ministry of Industry and related government agencies will conduct a joint investigation at the S-Oil Ulsan plant. Emergency safety inspections will also be carried out targeting petrochemical complexes nationwide. This is to establish measures to prevent recurrence of explosion accidents and to strengthen the safety management system of petrochemical complexes.

Additionally, the Ministry of Industry will form and operate a 'Temporary TF for Oil Supply Stabilization.' The TF will include the Ministry of Industry, S-Oil, Korea National Oil Corporation, and others. The Ministry plans to monitor the oil supply situation centered on the TF until the S-Oil Ulsan plant resumes normal operations.

The Ministry is also considering the option of releasing stockpiled oil. A ministry official stated, "If disruptions in oil supply are anticipated, stockpiled oil will be released in a timely manner," adding, "We will devise the best measures to ensure there are no disruptions in domestic oil supply."

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