Minister Kim Junggwan Criticizes "Unscrupulous Hoarding of Petroleum... Punishment Will Follow"

Departure for Canada to Support Submarine Bid
"Crude Oil Reserves for 208 Days... No Supply Issues for Several Months"

Yonhap News

Minister of Trade, Industry and Energy Kim Junggwan strongly criticized the hoarding of petroleum products in response to instability in the Middle East.

Speaking to reporters at Incheon International Airport before departing for Canada on March 5, Minister Kim addressed concerns over rising international oil prices amid escalating tensions in the Middle East. He stated, "Some are taking advantage of the situation to hoard supplies or raise prices, which I find extremely unscrupulous." He also warned, "It should be kept in mind that such actions will be met with corresponding punishment."

As instability in the Middle East has spread recently, worries about rising international oil prices have grown. Following U.S. and Israeli airstrikes on Iran, tensions in the region have intensified. Some domestic gas stations have already started to raise prices for gasoline and diesel in anticipation. The government is closely monitoring for the possibility of price hikes or hoarding that exploit market anxiety.

Minister Kim stated that, despite the instability in the Middle East, there are currently no major issues with domestic energy supply. He explained, "We have reserves of crude oil equivalent to about 208 days, so there should be no major problems for several months." However, he added, "We will thoroughly manage crude oil supply in preparation for the possibility that this situation becomes prolonged."

On this day, Minister Kim departed for Canada to support Korean bids for the Canadian Patrol Submarine Project (CPSP), which is estimated to be worth up to 60 trillion won. The project, led by the Royal Canadian Navy, aims to introduce up to 12 diesel submarines by the mid-2030s and is a large-scale initiative in which a consortium of Hanwha Ocean and HD Hyundai Heavy Industries from Korea is competing as a finalist against Thyssenkrupp Marine Systems (TKMS) from Germany.

Minister Kim plans to attend the completion ceremony for the LG Energy Solution battery plant in Windsor, Canada, and then meet with Canadian government officials, including Minister of Innovation, Science and Industry Mélanie Joly, to promote support for the submarine bid. He stated, "I will do my utmost to explain not only the competitiveness of our submarines but also Korea's overall package, including industrial cooperation."

Regarding the possibility that the Canadian submarine project could be divided into separate orders, he stressed, "Of course, we are working to win all 12 orders," adding, "Twelve is a symbolic number for us."

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