President Son Jooseok of Korea National Oil Corporation Inspects 'Swap Supply' of Stock Oil in Geoje

Son Jooseok, President of Korea National Oil Corporation (third from the left), visited the Geoje oil reserve base on the 21st to inspect the crude oil swap (SWAP) site to support oil supply security. Korea National Oil Corporation.

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Son Jooseok, President of Korea National Oil Corporation, visited the Geoje Oil Stockpile Base in South Gyeongsang Province on the 21st to inspect the current status of stock oil tanker shipments.

Currently, the corporation is operating a 'swap system,' whereby strategic oil reserves are first loaned to refiners, who later repay with newly imported oil, in consideration of delays in bringing in alternative crude oil secured by refiners. On this day, crude oil shipments by sea for refiner supply were actually carried out at the Geoje Stockpile Base under this swap system.

At the site, President Son closely inspected the crude oil loading and unloading facilities, underground caverns, and above-ground storage tanks, focusing on the swap process and safety management. Referring to possible logistics disruptions due to heightened tensions in the Middle East, he stressed, "We must maintain a flawless supply posture under any circumstances so that the national economy is not impacted."

President Son stated, "The Geoje Stockpile Base is a key hub for Korea's oil reserves," and urged, "Please make thorough preparations so that crude oil can be supplied to the market swiftly when needed, through close cooperation with refiners."

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