Ministry awards W91m in special bonuses to 45 staff, oil division tops list

The Ministry of Trade, Industry and Energy held its second special performance bonus ceremony at Government Complex Sejong on Monday, awarding a total of 91 million won ($61,300) to 45 employees across 11 project teams for their contributions to national economic stability and public welfare.

Kim Jong-cheol, director general for resource industry policy, and 24 other staff members were recognized for mobilizing every available policy tool in the immediate aftermath of the Middle East war — operating a round-the-clock emergency response system, establishing a new strategic petroleum reserve swap regime, enforcing a petroleum price ceiling and supporting diversification of crude oil import sources.

Among them, the oil industry division, which maintained a 24-hour emergency response system for petroleum supply and demand after the Middle East war broke out, received the top bonus of 20 million won. The price ceiling team followed, receiving 15 million won.

The Europe trade division, the industrial supply chain stabilization response team, the strategic petroleum reserve swap team and the import-export division each received 10 million won for their persistent negotiations that led to the removal of an "EU-origin requirement" from Italy's "super depreciation" regime, which had previously limited tax benefits to EU-made equipment. The industrial technology market division and the battery and electronics division each received 5 million won, while officials Yang Jae-won, Yun Cheol-hui and Jo Mun-gyu each received 20 million won in recognition of their individual contributions.

Minister Kim Jung-kwan said he was deeply grateful to the frontline staff who had quietly defended the national interest amid persistent external uncertainties, including the potential closure of the Strait of Hormuz.

Kim added that as uncertainty over the Middle East situation was once again intensifying, the ministry would conduct closer monitoring of the entire energy and resource supply chain and remain vigilant until the crisis was fully resolved, doing its utmost to stabilize the public economy and secure the national interest.