As resource supply instability has intensified due to the United States–China power struggle, the government on the 5th officially launched a control tower for resource security policy to respond to supply chain crises.
On this day, Minister Kim Jung-kwan of the Ministry of Trade, Industry and Energy held the first Resource Security Council meeting at Government Complex Seoul. The Resource Security Council is the control tower for resource security policy established in February under the Special Act on the National Resource Security Act, and the Chairperson is the Minister of Trade, Industry and Energy. Vice minister-level officials from relevant ministries participate as Commissioners.
The council discussed four agenda items: plans to strengthen national resource security, designation of core supply institutions and core demand institutions, and the 5th petroleum stockpiling plan. A rare earth supply chain measure was originally on the agenda as well, but it was dropped at the final stage after opinions were raised that more supplementation was needed.
The council will pursue three main tasks: operating an early warning system for resource security crises; establishing a public-private joint crisis response system; and securing stable supplies of critical resources. First, to manage core resource supply chain information, it decided to install a "National Resource Security Integrated Information System." It will also build a public-private emergency response network that designates major corporations in the resource sector as core supply institutions (18) and core demand institutions (20) and requires them to report to the government any abnormal signs such as supply disruptions and sharp price swings.
Going further, considering corporations' financial conditions and other factors, it will design project-specific policy packages and strengthen public support such as the Supply Chain Stabilization Fund. This includes raising the overseas resource development loan support rate from the current 50% to 70% and expanding the loan reduction rate in case of exploration failure from the current 80% to 90%.
The council also announced the 5th petroleum stockpiling plan (2026–2030). The government will increase stockpiles to 1.026 billion barrels by 2030 and replace some of the crude oil types in storage with light grades.