President Lee Visits Oil Storage Base: "Secure Maximum Crude Oil... No Gaps in Energy Security"

Meeting with Four Petrochemical Companies: Reviewing Naphtha and Condensate Supply Measures
Inspecting Storage Tanks and Pier Facilities to Check Fire and Impact Safety Systems

President Lee Jaemyung visited the Seosan Oil Stockpiling Base operated by Korea National Oil Corporation to inspect stockpiled oil management and the status of feedstock supply in the petrochemical industry in response to oil supply instability caused by the closure of the Strait of Hormuz. He stated, "Now is the time to secure as much crude oil as possible and reduce consumption to overcome this crisis." He also urged Korea National Oil Corporation, "Under no circumstances should there be even the slightest gap in supply. You must prepare thoroughly."

Yonhap News Agency

On the 26th, President Lee visited the Seosan Oil Stockpiling Base located in Daesan-eup, Seosan, Chungnam Province, received briefings from Korea National Oil Corporation and major petrochemical companies on the supply status and response plans for crude oil and naphtha, and held an on-site meeting. The meeting was attended by representatives and officials from LG Chem, Lotte Chemical, Hanwha TotalEnergies, and HD Hyundai Chemical, as well as Son Juseok, President of Korea National Oil Corporation.

At the event, President Lee noted the International Energy Agency’s assessment of the potential for the largest oil supply disruption in history and said, "Depending on how well we respond, this could also become an opportunity." He further emphasized, "If there are issues that need to be addressed during this process, we should take this opportunity to improve them as an important measure for the future."

On the same day, Korea National Oil Corporation reported on crude oil supply trends and crisis response plans, while the petrochemical companies shared the status of naphtha supply and plant operations by company. President Son Juseok stated, "Given the severity of the situation, we will make every effort to secure additional crude oil," and added, "The release of stockpiled oil will be timed appropriately, taking into account the overall domestic supply and demand conditions for petroleum products."

The industry also requested government support to stabilize feedstock supply in emergencies. Kim Dongchun, CEO of LG Chem, expressed gratitude for the support from relevant ministries during the purchase and payment process for Russian naphtha, and proposed the establishment of a national-level stockpiling system. Lee Youngjun, CEO of Lotte Chemical, called for diplomatic support to secure alternative procurement sources outside the Middle East. Na Sangseop, CEO of Hanwha TotalEnergies, requested an increase in condensate stockpiles, while Jo Namsu, CEO of HD Hyundai Chemical, requested the release of emergency condensate stockpiles during a crisis.

In response, President Lee said, "Since petrochemical companies are doing everything they can in their respective positions, the government will spare no diplomatic and policy support," adding, "Securing alternative sources of supply is a nationally significant task, so utilize all available means."

After the meeting, President Lee moved to the outdoor storage tank area to inspect the facilities in person. Wearing a yellow civil defense uniform and a white helmet, he listened to explanations from Kang Sanghyun, head of the Seosan branch of Korea National Oil Corporation, in front of the crude oil, jet fuel, and gasoline tank status boards and the dock facility status board.

Yonhap News Agency

During the briefing, President Lee inquired about the operation of the rock cave storage facility and focused on safety vulnerabilities, referencing the fire at Goyang Oil Storage Facility. He mentioned the 2018 Goyang storage tank fire that occurred when he was the governor of Gyeonggi Province, saying, "A sky lantern caused the fire, and when I heard about it, I was shocked and speechless. Such risks don’t exist here, do they?" He continued, "Please make sure to check if there are similar issues at other storage facilities and in other regions. Safety is the most important issue," he reiterated.

The Seosan Oil Stockpiling Base manages a total storage capacity of 11 million barrels in twelve 920,000-barrel crude oil tanks, 1.8 million barrels in six 300,000-barrel jet fuel tanks, and 1.8 million barrels in six 300,000-barrel gasoline tanks. The dock can accommodate vessels ranging from 5,000 tons up to 325,000 tons, and the site is also equipped with a 1,600-meter oil fence to prevent marine pollution.

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