The Korea Times
The government is considering extending its crude oil swap system with private firms, introduced to stabilize the domestic fuel supply, until July amid persisting demand from the corporate side, an industry ministry official said Thursday. Yang Ghi-wuk, deputy minister for trade, industry and resource security, made the remarks in a regular briefing on Korea's energy supply amid the Middle Eastern crisis. "We have decided to extend the strategic oil stockpile swap system until June, and are reviewing extending the scheme to July," Yang told reporters, noting that the government may operate the system for a longer period of time if corporate demand continues. Under the system introduced this month, the government is lending some of the crude stockpiles from its oil reserves, mostly Middle Eastern crude, to oil refineries and will later restore the stock with alternative supplies secured by the companies. The system was initially set for a two-month operation until the end of May. Regarding Korea's pledge to release 22.46 million barrels of oil from its reserves as part of an agreement amo
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