The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Woman killed in stopped car struck by bus on highway

  • 3

    Korea sets record of half million economically inactive youth

  • 5

    Yoon faces strong political backlash after Tokyo summit

  • 7

    Video footage highlights details of stepmother's fatal abuse of 12-year-old

  • 9

    Actor Yoo Ah-in to appear for questioning Friday over alleged drug use

  • 11

    INTERVIEWNorth Korean-born chef delights Southerners' taste buds, breaks down cultural barriers

  • 13

    New EU trade policies unnerve Korean firms

  • 15

    North Korea fires ballistic missile as US bombers join drills

  • 17

    Whisky sales at E-Mart outlets exceed soju sales in Jan.-Feb. period

  • 19

    Could Doosan Robotics be valued at 1 trillion won in IPO?

  • 2

    Koreans wish to work less than 40 hours per week: survey

  • 4

    Mask mandate on public transportation to end Monday

  • 6

    Apple Pay's imminent launch in Korea draws mixed responses

  • 8

    Centre Pompidou's Korean branch to open in 63 Building

  • 10

    Commuters still wear masks despite end of mask mandate on public transportation

  • 12

    KAIST student becomes first Korean recipient of Apple Scholars fellowship

  • 14

    ANALYSISYoon-Kishida summit may 'raise ceiling' for trilateral cooperation with US: expert

  • 16

    Land minister fortifies city building cooperation with Indonesia

  • 18

    UBS eyeing swoop for Credit Suisse, sources say, amid fears of banking contagion

  • 20

    Trump expects to be arrested Tuesday as DA eyes charges

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Business
  • Tech
  • Bio
  • Companies
Tue, March 21, 2023 | 19:43
Companies
LX, Lotte, POSCO Int'l CEOs respond to 'urea water' shortage crisis
Posted : 2021-11-14 17:12
Updated : 2021-11-15 08:54
Kim Hyun-bin
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link

From left, LX Holdings Chairman Koo Bon-joon, Lotte Group Chairman Shin Dong-bin and POSCO International CEO Joo Si-bo
From left, LX Holdings Chairman Koo Bon-joon, Lotte Group Chairman Shin Dong-bin and POSCO International CEO Joo Si-bo

Corporate leaders assist gov't to secure DEF supply

By Kim Hyun-bin

The Korean government has been scrambling to implement emergency measures to ease the supply shortage of diesel exhaust fluid (DEF), known here as "urea water," following the strengthening of export restrictions in China.

Urea water is used to reduce emissions in diesel vehicles. Despite the government's efforts, the supply has been falling short of demand. Just this year alone, the country has been hit hard by semiconductor chip and urea water supply shortages.

Industry sources say the government must reexamine supply chains and cooperate with conglomerates to utilize their vast overseas networks in times of emergency.

Although the government has struggled to obtain a sufficient supply of urea water, major conglomerates such as LX International, Lotte Fine Chemical and POSCO International have utilized their overseas connections and networks to secure the much-needed materials.

"Other countries are facing shortages of urea and urea water as well and it is not about who can pay more for it or who can utilize their overseas branches, but these contracts have been difficult without high-ranking officials' direct connections and involvement," an industry source said.

Urea crisis reveals risks of Korea's supply chain
Urea crisis reveals risks of Korea's supply chain
2021-11-14 11:11  |  Foreign Affairs

According to the industry source, LX International secured an additional batch of 1.45 million liters of urea from Vietnam and Singapore, Friday.

This comes two days after the company secured the first batch of 1.10 tons of urea ― which is enough to create 3.3 million liters of urea water ― from China, and 1.25 million liters from Vietnam, importing a total of 6 million liters of urea into the country.

Considering the fact that the average daily use of urea water for vehicles in Korea is around 600,000 liters, the total import amount can supply the nation's diesel vehicles for 10 days.

LX Holdings Chairman Koo Bon-joon is said to have played a major role in securing urea by placing an urgent order, after concerns of a possible logistics crisis were raised due to China's export restrictions.

Lotte Fine Chemical also secured 19,000 tons through Lotte Group Chairman Shin Dong-bin's network. Of those 19,000 tons, Lotte Fine Chemical imported total of 12,000 tons of urea from Vietnam, Saudi Arabia, Japan, Russia and Indonesia.

In addition, it secured 6,500 tons from China and 700 tons from the Korean government.

The amount is enough to manufacture 58 million liters of urea water, which is enough for two to three months of urea supply for diesel vehicles in the country.

In particular, 1,000 tons were directly through obtained Shin from his connections with Mitsui Chemicals Japan.

POSCO International also secured 180,000 liters of urea water from overseas.

POSCO International announced recently that it has signed contracts with Blue Nox of Australia to obtain 80,000 liters of urea water and with Zar Kruse of Mexico to obtain 100,000 liters, enough to supply 9,000 vehicles. All of the quantities secured are scheduled to be shipped to the country by the end of this month.

POSCO International said that neither company had experience in exporting urea water, so it decided to carry out the overall export business directly, from local export customs clearance to packaging and logistics.

"Even after this contract, we will continue to negotiate with urea water producers in Asia, the Commonwealth of Independent States (CIS) region and the Americas on whether to supply urea water," a POSCO official said. "We will actively participate so that this issue can be resolved as soon as possible."




Emailhyunbin@koreatimes.co.kr Article ListMore articles by this reporter
 
LG Group
Top 10 Stories
1Woman killed in stopped car struck by bus on highway Woman killed in stopped car struck by bus on highway
2Korea sets record of half million economically inactive youth Korea sets record of half million economically inactive youth
3Commuters still wear masks despite end of mask mandate on public transportation Commuters still wear masks despite end of mask mandate on public transportation
4[INTERVIEW] North Korean-born chef delights Southerners' taste buds, breaks down cultural barriers INTERVIEWNorth Korean-born chef delights Southerners' taste buds, breaks down cultural barriers
5KAIST student becomes first Korean recipient of Apple Scholars fellowship KAIST student becomes first Korean recipient of Apple Scholars fellowship
6COVID-hit Myeong-dong bounces back as tourists return COVID-hit Myeong-dong bounces back as tourists return
7Public officials reluctant to dine with coworkers Public officials reluctant to dine with coworkers
8Brides in early 40s outnumber those in early 20s Brides in early 40s outnumber those in early 20s
9OTT service providers negatively impacted by illegal streaming website OTT service providers negatively impacted by illegal streaming website
10[ANALYSIS] Yoon-Kishida meeting raises expectations of 3-way summit with China ANALYSISYoon-Kishida meeting raises expectations of 3-way summit with China
Top 5 Entertainment News
1Centre Pompidou's Korean branch to open in 63 Building Centre Pompidou's Korean branch to open in 63 Building
2Celebrities head back abroad to film K-food reality shows Celebrities head back abroad to film K-food reality shows
3Park Sung-woong talks about filming 'Woong Nam' with comedian-turned-director Park Sung-woong talks about filming 'Woong Nam' with comedian-turned-director
4Kwon Sang-woo's new series to stream on Disney+ this year Kwon Sang-woo's new series to stream on Disney+ this year
5From sky to deserted islands, two artists' documentation of nature adds surreal touch to reality From sky to deserted islands, two artists' documentation of nature adds surreal touch to reality
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group