Trade ministry honors 45 staffers for energy crisis response

Industry Minister Kim Jung-kwan, sixth from left, poses with ministry officials after they received special bonuses during a ceremony at Government Complex Sejong, Monday. Courtesy of Ministry of Trade, Industry and Energy

The Ministry of Trade, Industry and Resources on Monday awarded special bonuses to 45 employees, totaling 91 million won ($61,500), in recognition of their contributions to stabilizing energy supplies and safeguarding the economy amid prolonged Middle East tensions.

A ceremony was held at Government Complex Sejong to recognize 11 initiatives led by the employees who maintained emergency response operations, helping mitigate disruptions to global energy markets since late February.

The ministry said many of the recipients had worked around the clock for months to manage the energy and supply chain crisis. Their efforts focused on stabilizing domestic supplies of petroleum and naphtha while minimizing disruptions to households and businesses.

Among the largest recipients was the resource industry policy division, where 24 officials, including Director General Kim Jong-chul, received a total of 57 million won for five initiatives.

The team established a 24-hour emergency response system immediately after the U.S.-Iran conflict broke out and deployed a broad range of policy measures, including a price cap on petroleum products, a new strategic oil swap program and support for diversifying crude import sources.

The division was also recognized for securing alternative supply routes in case the Strait of Hormuz is closed and for helping offset import costs for key industrial materials, including naphtha and urea, to prevent supply disruptions.

“I deeply appreciate the dedication of our frontline staff who have quietly safeguarded our national interest while remaining at their posts amid external uncertainties, including the risk of a closure of the Strait of Hormuz,” Industry Minister Kim Jung-kwan said.

“As uncertainty surrounding the situation in the Middle East has recently intensified once again, the ministry will conduct even closer inspections of the entire energy and resource supply chain. We will not let down our guard until the crisis has completely ended and will do our utmost to stabilize the livelihoods of the people and safeguard the country's national interest.”

The ministry also honored the Europe trade policy division for negotiations that led Italy to remove a European Union-origin requirement from its super depreciation tax incentive, allowing domestic-made machinery and equipment to qualify for tax benefits.

The export and import division was also recognized for supporting 16 trillion won in trade financing for small and midsized exporters, including supply chain guarantees for the shipbuilding industry.