The thirty second Power Fee assembly is held in Seoul, Dec. 3, 2024. Courtesy of the Ministry of Commerce, Business and Power
Korea has permitted an enforcement decree to strengthen the nation’s preparedness for provide disruptions of key assets, the trade ministry stated Tuesday.
The enforcement decree on the Particular Act on Nationwide Sources Safety was handed throughout a Cupboard assembly held on the day, in line with the Ministry of Commerce, Business and Power.
The decree is designed to supply detailed measures for the act, which goals to boost stability within the provide of essential commodities, together with oil, pure gasoline, coal and hydrogen.
The legislation comes as Korea seeks to make sure a steady provide of significant assets amid rising considerations over the weaponization of assets, pushed by geopolitical tensions from the Russia-Ukraine battle and the Center East disaster.
Korea depends on imports for about 90 p.c of its power wants.
Beneath the enforcement decree, the federal government can subject a four-tier alert within the occasion of a provide disaster for key pure assets and take measures, resembling importing affected merchandise, releasing reserves and imposing worth caps.
Korea will even draft primary useful resource safety plans each 5 years and set up an interagency committee led by the trade minister.
The federal government will instruct state-run power corporations, together with the Korea Nationwide Oil and Korea Fuel, to broaden their useful resource stockpiles for use in case of emergencies, and to boost their procurement capability. (Yonhap)
