> Operations >Oil Stockpiling Projects > >Outline of Oil Stockpiling Projects > Objective and Necessity
Although Korea is the 5th largest petroleum importer and the 8th largest petroleum consumer in the world, risk management ability related with oil crisis is rather poor.
Korea heavily depends on Middle East Crude, and self-sufficiency rate is low.
Actually, 2 oil shocks in 1970s' affected national economy seriously.
In case of emergency, helping to enhance security of oil supply, KNOC has been promoting Government Oil Stockpiling Project from 1980.