South Korea’s Ministry of Economy and Finance: Policy banks will continue to support oil companies impacted by military conflicts

The Ministry of Planning and Finance stated that the South Korean government will further review its functional role in the restructuring of supply chains to ensure national energy security. Industry companies such as Korea National Oil Corporation, SK Energy, SsangYong Oil, and Hyundai Oilbank have called on the government to provide support in financing, diversification of import channels, tax policies, and the expansion of strategic oil reserve supplies.