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South Korea announces first oil contingency measures
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South Korea announces first oil contingency measures
South Korea said yesterday it was implementing a multi-stage contingency plan aimed at reducing energy consumption before the skyrocketing oil prices push Asia?s fourth-largest economy into a full-fledged crisis.
Prime Minister Han Seung-soo told a televised news conference the government would restrict driving of cars owned by public organizations as part of the measures, adding a tougher set of steps would be adopted if oil prices rose further.
The move marks the first direct restriction on energy consumption introduced by the world?s fifth-largest oil consumer since the country imposed some restrictions on transportation in the capital during the 1988 summer Olympics held in Seoul.
South Korea covers almost all of its energy needs with imports and its economy, relying heavily on manufacturing of goods for exports, lags far behind the more advanced countries in energy efficiency.
The government will consider imposing restrictive measures in the private sector only when the supply of crude oil is disrupted. The current emergency oil stocks at 139 days will be used in case of the supply halt. Last month, the government announced it would invest 19 trillion won in state-run Korea National Oil Corp (KNOC) to increase production capacity six-fold. KNOC usually leads consortiums for overseas energy exploration projects involving domestic refiners.
If the expansion project is successful, South Korea?s self-sufficiency level for crude oil could reach about 25 percent, up from its initial aim of 18.1 percent by 2012.
Angela MOON
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