Securing 6.8 Months' Supply of Urea Imported Domestically... Releasing 19.3 Million Tons of Stockpiled Urea Starting Next Week

'Meeting of the Task Force General Team on Key Economic Security Items' Held

As additional domestic supply of automotive urea has been secured, a total of 6.8 months' worth of supply has been obtained.

On the 15th, the government held the 'Economic Security Core Items Task Force (TF) General Meeting' at the Government Seoul Office, chaired by Hong Du-seon, Deputy Minister of Strategy and Finance, to review the supply and distribution status of automotive urea.

Hong Du-seon, Deputy Minister for Economic Affairs at the Ministry of Economy and Finance, is presiding over the Core Items for Economic Security Task Force General Meeting held at the Government Seoul Office Building on the 15th. Provided by the Ministry of Economy and Finance [Image source=Yonhap News]

Through companies securing alternative supply sources, the Public Procurement Service expanding public reserves, and joint purchases, the domestic stock of automotive urea and diesel exhaust fluid (DEF), as well as contracted quantities from third countries such as Vietnam, have increased to a total of 6.8 months' worth. This amount has more than doubled from the 3 months' worth level recorded on the 30th of last month.

Contracted quantities from third countries are scheduled to arrive sequentially in Korea, starting with 5,000 tons of Vietnamese origin arriving at Ulsan Port on the 16th, followed by 5,460 tons this month, 12,150 tons in January next year, and 14,000 tons in February. The Korea Customs Service has pledged to support expedited customs clearance for these shipments to the fullest extent.

An official from the Ministry of Trade, Industry and Energy stated, "The government plans to continue closely monitoring the domestic stock status of urea and DEF while actively pursuing additional imports, including negotiations for an additional 5,000 tons of public reserve urea contracts with third countries."

The Public Procurement Service plans to begin releasing the currently stockpiled automotive urea available for distribution (1,930 tons) starting next week, based on demand surveys from manufacturers.

Sales of DEF are decreasing. According to Opinet, which discloses DEF sales information, as of 6 p.m. on the 14th, DEF was being sold normally at 3,332 out of 3,435 gas stations (97.0%). DEF sales through gas stations have been confirmed to be on a downward trend compared to the previous week.

A government official said, "Gas stations that have run out of stock represent a small proportion of all DEF-selling gas stations, so there is no actual problem with DEF supply and demand." The official added, "To alleviate consumer inconvenience, we will supply as quickly as possible and strengthen on-site management of gas station distribution, including improving the provision of DEF sales information at gas stations."

Urea solution sold at a mart. (Reference photo) Photo by Jo Yongjun jun21@

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