Dec. 22 (Asia Today) -- South Korea has surpassed 100 million barrels in government-held oil reserves as it seeks to bolster energy security against global supply disruptions, the industry ministry said Monday.
The Ministry of Trade, Industry and Energy said the government's secured stockpile exceeded 100 million barrels after the final tanker shipment of the year arrived at the Korea National Oil Corporation's Geoje oil reserve base.
Including about 95 million barrels held by private companies, South Korea now has enough oil to cover more than 210 days under International Energy Agency standards in an emergency, the ministry said.
South Korea, which relies on imports for its oil, adopted a national stockpiling plan in 1980 and has expanded reserves over about 45 years after experiencing global supply shocks during past oil crises, the ministry said.
The country now holds the fourth-largest oil reserves among the agency's member countries, the ministry said, describing the stockpile as an energy safety net that can help respond to supply crises.
