SEOUL - S Korea to Double Crude Oil Reserves : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread

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Story Filed: Wednesday, September 13, 2000 5:38 AM EST

SEOUL, Sep 13, 2000 (AsiaPulse via COMTEX) -- Seoul will consider doubling current reserves of crude oil to what is tantamount to 60 days' use, the Commerce, Industry and Energy Ministry says.

As international oil prices are fluctuating, the government will discuss comprehensive measures, including doubling the amount of oil reserve, at an economy-related ministers' meeting on Friday, the ministry said.

Among the measures under study is also reducing the number of private vehicle operations in Seoul.

For the purpose, the ministry will take aside over one trillion won (US$902 million) out of special accounts, while expanding the overseas oil well development fund.

But the ministry will decide later if it will raise the tax rate on domestic oil prices or release oil in reserve after watching the movements of international oil prices.

A ministry official said, "If the international petroleum price keeps on rising above US$30 per barrel, the government will have to resort to some emergency measures."


(C) 2000 Asia Pulse Pte Ltd

-- (, September 13, 2000

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