Korea holds public stocks and places a minimum stockholding obligation on industry.
The national oil reserves are stored in a variety of facilities around the country - from above ground tanks to underground rock caverns. Roughly one-fifth of the Korean government held oil stocks are in the form of refined products.
Korean crude refiners and oil product importers are obliged to hold at least 40 days of stocks, in either crude or products, based on a 12-month average of the previous year's sales. For LPG importers and petrochemical companies, the minimum obligation is 30 days of domestic sales volumes.
Private companies holding emergency oil stocks can co-mingle compulsory and commercial stocks. Korea has no bilateral agreements to hold stocks on foreign territory. However, there are contracts for leasing spare stockpiling facilities in Korea to foreign companies.
Related news & events
- IEA Executive Director meets Korean Minister of Trade, Industry and Energy Paik Ungyu
17 October 2017
- Examining the future of natural gas in MIKTA countries
29 September 2017
- IEA Executive Director on official visit to Republic of Korea
2 September 2016
- Energy ministers set course for new era at IEA
18 November 2015