Minister Kim Jung-kwan of the Ministry of Trade, Industry and Resources said on the 31st regarding supply instability of petrochemical feedstocks originating in the Middle East, "We will implement a ban on hoarding petrochemical products and issue production orders to prevent disruptions in the supply of essential products."
The Minister stated accordingly at a Cabinet meeting presided over by President Lee Jae-myung at the presidential office that day, saying, "Given that petrochemical products are highly diverse and supply chains are complex, we will not let down our guard and will manage supply and demand."
Regarding securing alternative import sources for naphtha, a basic petrochemical feedstock, the Minister said, "We will increase overseas procurement through support for unit price differences, low-interest loan and letter-of-credit expansion, and higher limits."
He added, "We are closely monitoring daily supply and demand centered on major corporations in 11 industries," and said, "Items raised as concerns in the media—helium, sulfuric acid, IV solution packaging, and ethylene gas—are expected to see normal supply and demand through the first half."
He also made clear a policy of a strong response to fake news that exploits the crisis. The Minister said, "Some YouTube channels and social media (SNS) recently raised the possibility that 900,000 barrels of oil flowed into North Korea via a third country after leaving Ulsan," and added, "This is clearly fake news that undermines trust in the government and deceives the public."
He went on, "It is unacceptable to use a national crisis as a means for personal or political gain," and said, "We will mobilize all means, including criminal complaints, to respond strictly and decisively to acts that harm the community, such as rumors or hoarding."