S. Korea's trade ministry pledges all possible measures to support local oil industry hit by COVID-19 pandemic
- 4 years ago
'코로나•유가급락' 시름 정유업계...정부 "경영난 정유업계 지원 위한 가능한 모든 수단 발굴"
With oil prices plunging amid a global glut, the South Korean government is looking for ways to keep local firms from going under.
Meeting with key industry representatives, the trade minister said they're looking at discounts on storage tank rents and delay payments for certain tests.
Eum Ji-young has more.
U.S. crude oil futures for June closed Tuesday at 11 dollars and 57 cents a barrel,... down more than 43 percent from a day earlier... and marking its lowest finish in 21 years.
With far fewer planes flying and people driving less, U.S. crude oil futures fell the day before to minus 37 dollars and 63 cents,... entering negative territory for the first time.
With oil prices plunging, South Korea's Ministry of Trade, Industry and Energy has vowed to take every measure it can to save local oil and petrochemical companies.
Minister Sung Yoon-mo met Wednesday with oil industry leaders, including the CEOs of SK Energy and Hyundai Oilbank,... promising to relieve the pressure on them as soon as possible.
"On top of the relief measures that have already been taken, we will temporarily cut rents for storage tanks and delay payments for product quality tests for two to three months."
He added that the ministry is looking at postponing inspections at large storage facilities, within safe limits, which would free up space.
Earlier this month, it was announced that they would get access to more storage facilities from April to June, and the government bought strategic petroleum reserves from them to ease the supply glut.
The government also previously announced that they would be able to defer their tax payments on oil imports and sales of petroleum products for 90 days.
"The ministry stressed that it will provide continued support for the refining industry to help it remain competitive during this crisis. Eum Ji-young Arirang news."
With oil prices plunging amid a global glut, the South Korean government is looking for ways to keep local firms from going under.
Meeting with key industry representatives, the trade minister said they're looking at discounts on storage tank rents and delay payments for certain tests.
Eum Ji-young has more.
U.S. crude oil futures for June closed Tuesday at 11 dollars and 57 cents a barrel,... down more than 43 percent from a day earlier... and marking its lowest finish in 21 years.
With far fewer planes flying and people driving less, U.S. crude oil futures fell the day before to minus 37 dollars and 63 cents,... entering negative territory for the first time.
With oil prices plunging, South Korea's Ministry of Trade, Industry and Energy has vowed to take every measure it can to save local oil and petrochemical companies.
Minister Sung Yoon-mo met Wednesday with oil industry leaders, including the CEOs of SK Energy and Hyundai Oilbank,... promising to relieve the pressure on them as soon as possible.
"On top of the relief measures that have already been taken, we will temporarily cut rents for storage tanks and delay payments for product quality tests for two to three months."
He added that the ministry is looking at postponing inspections at large storage facilities, within safe limits, which would free up space.
Earlier this month, it was announced that they would get access to more storage facilities from April to June, and the government bought strategic petroleum reserves from them to ease the supply glut.
The government also previously announced that they would be able to defer their tax payments on oil imports and sales of petroleum products for 90 days.
"The ministry stressed that it will provide continued support for the refining industry to help it remain competitive during this crisis. Eum Ji-young Arirang news."