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E&P worldwide
Oil Stockpiling Projects & Improvement of Petroleum Distribution Structure
Oil Stockpiling Projects
- Objective and Necessity
- Strategy for Oil Stockpiling Projects
- Operation of Stockpiling Facilities
- Dynamic Stockpiling
Improvement of Petroleum Distribution Structure
Rig Business Projects
Construction Projects
Oil Information
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home > Operations > Oil Stockpiling Projects > Outline of Oil Stockpiling Projects > Objective and Necessity
Objective and Necessity
 
 

Korea is the fifth largest oil importer and the eighth biggest oil consumer in the world, but its ability to respond to potential oil crises was poorer than major oil importing countries considering its high dependence on Middle Eastern crude and its low self-sufficiency rate.


The two oil shocks of the 1970s shook the national economy and people’s livelihoods. To prevent another crisis, the government established KNOC in 1979. Since then, the corporation has been in charge of strategic oil stockpiling for a consistent oil supply, stable oil prices and economic development.

 
Department Contacts Updated
Updated : 2016-04-05 Department : Petroleum Stockpile Dept. Contacts : +82)52-216-5005

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