The Ministry of Industry has awarded special performance bonuses to employees who contributed to stabilizing the supply of oil and naphtha and supporting exports amid instability in the Middle East. This initiative aims to encourage staff who responded on the ground during ongoing concerns over the potential blockade of the Strait of Hormuz and uncertainties in energy supply chains.
On July 20, the ministry held the 'Second Special Performance Bonus Award Ceremony' at the Government Sejong Center, where 45 employees from 11 projects received a total of 91 million won in bonuses.
This recognition was given to employees who played significant roles in stabilizing oil and naphtha supplies and ensuring public welfare during the prolonged energy supply crisis stemming from the Middle East conflict that began on February 28. The ministry commended these staff members for maintaining an emergency response system that acted as a buffer to mitigate shocks to the economy.
A total of 24 employees from the Resource Industry Policy Division received 57 million won. Their efforts included activating a 24-hour response system immediately after the outbreak of war, implementing a maximum oil price system, establishing a strategic oil reserve swap system, and supporting diversification of crude oil import sources to alleviate the impact of soaring oil prices on the public.
Securing alternative supply chains in preparation for a potential blockade of the Strait of Hormuz and supporting the import costs of essential raw materials such as naphtha and urea were also highlighted as key achievements.
The division responsible for European trade was recognized for negotiating the removal of tax benefits that were previously limited to 'EU-made' equipment under Italy's accelerated depreciation system. The Export-Import Division was acknowledged for providing win-win trade financing for small and medium-sized enterprises, including guarantees for the shipbuilding industry's supply chain, amounting to a total of 16 trillion won in exports.
Minister of Industry Kim Jeong-kwan expressed deep gratitude to the dedicated staff who have quietly safeguarded national interests amid ongoing external uncertainties, such as the blockade of the Strait of Hormuz. He stated, 'We will continue to do our utmost to stabilize the economy and secure national interests until the crisis situation is fully resolved.'
* This article has been translated by AI.
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