Article 1(Purpose) #
The purpose of this Act is to establish special accounts for projects related to energy and resources and set forth matters regarding the operation of the special accounts in order to ensure stable supply and demand of energy and energy prices and to effectively implement projects related to energy and resources. <Amended on Jan. 1, 2014>
[This Article Wholly Amended on Apr. 14, 2011]
Article 2(Definitions) #
The term "projects related to energy and resources" means the following projects: <Amended on Dec. 30, 2014>
1. Projects for the development, production, transportation, storage, supply, and quality control of energy and underground resources (including marine mineral resources; the same shall apply hereinafter);
2. Projects for restructuring industries related to energy and underground resources;
3. Projects for saving energy and new and renewable energy;
4. Projects for safety control of gas and improvement of distribution structure;
5. Projects for energy welfare;
6. Research and development related to projects under subparagraphs 1 through 5 and projects incidental to such projects.
[This Article Wholly Amended on Apr. 14, 2011]
Article 3(Operation and management of account) #
(1) The special accounts for projects related to energy and resources (hereinafter referred to as the "Special Accounts") shall be operated and managed by the Minister of Trade, Industry and Resources. <Amended on Mar. 23, 2013; Jan. 1, 2014; Oct. 1, 2025>
(2) The budget for Special Accounts may be classified by each organization of central administrative agencies. <Added on Jan. 1, 2014>
[This Article Wholly Amended on Apr. 14, 2011]
Article 4(Classification of accounts) #
The special accounts shall be classified into investment accounts and loan accounts.
[This Article Wholly Amended on Apr. 14, 2011]
Article 5(Revenue and expenditure of investment account) #
(1) The revenue of the investment account shall be as follows: <Amended on Oct. 1, 2025>
1. Penalty surcharges under Articles 14 and 35 of the Petroleum and Petroleum Substitute Fuel Business Act;
2. Dues and additional dues under Articles 18 and 37 of the Petroleum and Petroleum Substitute Fuel Business Act;
3. Penalty surcharges under Article 10-8 of the Urban Gas Business Act;
4. Charges and additional dues under Article 87 of the Mining Industry Act;
5. Charges for safety control and additional charges under Article 34-2 of the High-Pressure Gas Safety Control Act;
6. The Mining Damage Prevention Funds raised pursuant to Article 22 of the Mining Damage Prevention and Restoration Act and additional charges under Article 26 of the said Act;
7. Payments under Article 11(1)4 of the Korea National Oil Corporation Act;
7-2. Penalty surcharges and additional charges under Article 25-8 (1) and (2) of the Hydrogen Economy Promotion and Hydrogen Safety Management Act;
8. Revenue from the sale or management of assets in the investment account;
9. The principal of deposits in the Special Accounts and interest accruing thereon;
10. Transfers from general accounts under Article 7;
11. Transfers and deposits from other special accounts or other funds;
12. Loans borrowed pursuant to Article 8;
13. Transfers from the loan account;
14. Revenue other than the revenue under subparagraphs 1 through 13.
(2) The expenditure of the investment account shall be as follows:
1. Project costs necessary for projects related to energy and resources (in principle, the Mining Damage Prevention Funds and additional charges under paragraph (1)6 shall be used preferentially for projects implemented for the prevention of mining damage pursuant to the Mining Damage Prevention and Restoration Act);
2. Contributions to, or subsidies for, projects related to energy and resources (subsidies for guarantee of performance of obligations shall be included herein but, in principle, the Mining Damage Prevention Funds and additional charges under paragraph (1)6 shall be used preferentially for the projects implemented for the prevention of mining damage pursuant to the Mining Damage Prevention and Restoration Act);
Article 6(Revenue and expenditure of loan account) #
(1) The revenue of the loan account shall be as follows:
1. Revenue from principal of loans and interest accrued thereon;
2. Revenue from principal of deposits in the Special Accounts and interest accrued thereon;
3. Transfers from general accounts under Article 7;
4. Transfers and deposits from other special accounts or other funds;
5. Loans borrowed pursuant to Article 8;
6. Transfers from the investment account;
7. Revenue other than the revenue under subparagraphs 1 through 6.
(2) The expenditure of the loan account shall be as follows:
1. Loans extended to institutions eligible for loans to finance projects related to energy and resources;
2. Transfers to the investment account;
3. Repayment of the principal of loans and deposits in the loan account and interest accrued thereon;
4. Expenses incurred for the operation and management of the loan account.
(3) Institutions eligible for the loans under paragraph (2)1 shall be prescribed by Presidential Decree.
(4) If a business entity engaged in a project related to energy and resources to which a loan has been extended by an institution eligible for a loan under paragraph (2)1 is unable to repay the loan due to the failure of such project, the Minister of Trade, Industry and Resources may fully or partially release the business entity from the obligation to pay the principal and interest thereon, as prescribed by Presidential Decree. <Amended on Mar. 23, 2013; Oct. 1, 2025>
[This Article Wholly Amended on Apr. 14, 2011]
Article 7(Transfers from general accounts) #
In order to secure financial resources to cover expenditures, special accounts may receive transfers from general accounts, as allocated in the relevant budget. <Amended on Jan. 1, 2014>
[This Article Wholly Amended on Apr. 14, 2011]
Article 8(Loans) #
(1) If funds for expenditure are insufficient, the Special Accounts may obtain a long-term loan within the maximum amount approved by the National Assembly.
(2) If funds for disbursements are temporarily insufficient, the Special Accounts may obtain a temporary loan at the expense of the Special Accounts.
(3) The principal of the temporary loans under paragraph (2) and interest thereon shall be paid off within the pertinent fiscal year.
[This Article Wholly Amended on Apr. 14, 2011]
Article 9(Carry-forward of expenditure budget) #
An amount not disbursed during the pertinent fiscal year, out of the expenditure budget of the Special Accounts, may be carried forward to the following fiscal year and may be used during the following fiscal year, notwithstanding Article 48(1) of the National Finance Act.
[This Article Wholly Amended on Apr. 14, 2011]
Article 10(Disposition of surplus) #
The surplus remaining on the settlement of the Special Accounts at the end of each year shall be transferred to the revenue for the following fiscal year.
[This Article Wholly Amended on Apr. 14, 2011]
Article 11(Reserve fund) #
In order to appropriate funds for unpredictable expenditure not included in the budget or expenditure exceeding the budget, the Special Accounts may reflect a reserve fund in the expenditure budget.
[This Article Wholly Amended on Apr. 14, 2011]
Article 12(Principles of corporate accounting) #
(1) When it is necessary, the Special Accounts may apply the principles of corporate accounting to accounting practices.
(2) When the principles of corporate accounting are applied pursuant to paragraph (1), the provisions inconsistent with the principles of corporate accounting in the National Finance Act shall not apply.
[This Article Wholly Amended on Apr. 14, 2011]
Article 13 #
Deleted. <Jan. 1, 2010>
Article 14(Entrustment of accounting) #
(1) The Minister of Trade, Industry and Resources may entrust part of its affairs relating to the operation and management of the Special Accounts to a corporation, an institution, or an organization prescribed by Presidential Decree. <Amended on Mar. 23, 2013; Oct. 1, 2025>
(2) When the Minister of Trade, Industry and Resources entrusts the affairs relating to the operation and management of the Special Accounts pursuant to paragraph (1), he or she may appoint accounting personnel who will be responsible for the performance of the relevant affairs, from among the executive officers and employees of the entrusted corporation, institution, or organization. <Amended on Mar. 23, 2013; Oct. 1, 2025>
(3) When the Minister of Trade, Industry and Resources entrusts the affairs relating to the operation and management of the Special Accounts pursuant to paragraph (1), he or she may pay handling fees or reimburse necessary expenses from the Special Accounts, as prescribed by the Minister of Trade, Industry and Resources. <Amended on Mar. 23, 2013; Oct. 1, 2025>
(4) As for the accounting personnel appointed pursuant to paragraph (2), the Act on Liability of Accounting Personnel, Etc. shall apply mutatis mutandis.
[This Article Wholly Amended on Apr. 14, 2011]
Article 15(Supervision and orders) #
The Minister of Trade, Industry and Resources may order the corporation, institution, or organization to whom affairs are entrusted pursuant to Article 14(1) to submit reports or relevant documents with regard to the operation and management of the Special Accounts or the financial management of the Special Accounts within the extent necessary for supervision, or require public officials under his or her jurisdiction to supervise its affairs. <Amended on Mar. 23, 2013; Oct. 1, 2025>
[This Article Wholly Amended on Apr. 14, 2011]