Article 1(Purpose) #
The purpose of this Decree is to prescribe matters delegated by the Energy and Resources Special Account Act and other matters necessary for enforcing said Act. <Amended by Presidential Decree No. 19869, Feb. 6, 2007; Presidential Decree No. 27777, Jan. 10, 2017>
Article 2(Definitions) #
The terms used in this Decree shall be defined as follows: <Amended by Presidential Decree No. 17334, Aug. 10, 2001; Presidential Decree No. 19869, Feb. 6, 2007; Presidential Decree No. 20678, Feb. 29, 2008; Presidential Decree No. 22493, Nov. 15, 2010; Presidential Decree No. 24151, Oct. 29, 2012; Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 27777, Jan. 10, 2017>
1. The term “loan” means lending money from the Energy and Resources Special Account (hereinafter referred to as the “Special Account”) under Article 3 (1) of the Energy and Resources Special Account Act (hereinafter referred to as the “Act”) to an institution eligible for loans referred to in Article 6 (2) 1 of the Act (hereinafter referred to as “institution eligible for loans”);
2. The term “lending” means that an institution eligible for loans makes a loan to an actual borrower, either directly or through any of the following institutions:
(a) A bank under the Banking Act;
(b) The Korea Development Bank under the Korea Development Bank Act;
(c) The Export-Import Bank of Korea under the Export-Import Bank of Korea Act;
(d) Industrial Bank of Korea under the Industrial Bank of Korea Act;
(e) An institution determined and publicly notified by the Minister of Trade, Industry and Energy, which has filed for registration as engaging in new technology venture capital business under Article 3 (2) of the Specialized Credit Finance Business Act.
Article 3(Scope of Projects) #
(1) The projects related to energy and resources under Article 5 (2) 1 through 3 of the Act shall be as follows: <Amended by Presidential Decree No. 14967, Apr. 6, 1996; Presidential Decree No. 15232, Dec. 31, 1996; Presidential Decree No. 15838, Jul. 16, 1998; Presidential Decree No. 16044, Dec. 31, 1998; Presidential Decree No. 16379, Jun. 8, 1999; Presidential Decree No. 17334, Aug. 10, 2001; Presidential Decree No. 18343, Mar. 29, 2004; Presidential Decree No. 18796, Apr. 22, 2005; Presidential Decree No. 19023, Aug. 31, 2005; Presidential Decree No. 19184, Dec. 26, 2005; Presidential Decree No. 19671, Sep. 4, 2006; Presidential Decree No. 19869, Feb. 6, 2007; Presidential Decree No. 21004, Sep. 16, 2008; Presidential Decree No. 22117, Apr. 13, 2010; Presidential Decree No. 24151, Oct. 29, 2012; Presidential Decree No. 26360, Jun. 30, 2015>
1. Projects to secure a supply and stabilize prices of petroleum and to manage petroleum quality under the Petroleum and Alternative Fuel Business Act;
2. Projects for petroleum development and projects executed by Korea National Oil Corporation established under the Korea National Oil Corporation Act;
3. Urban gas projects under the Urban Gas Business Act;
4. Projects to install oil pipelines under the Oil Pipeline Safety Control Act;
5. Energy welfare projects under the Energy Act;
6. Deep seabed mining projects under international agreements and mineral resources development projects under the Mining Industry Act, the Submarine Mineral Resources Development Act, or the Overseas Resources Development Business Act;
7. Stone-related projects and aggregate-related projects under the Aggregate Extraction Act;
8. Coal projects under the Coal Industry Act and projects to support a substitute industry under the Special Act on the Assistance to the Development of Abandoned Mine Areas;
9. Energy use rationalization projects under the Energy Use Rationalization Act; projects to develop and diffuse new and renewable energy under the Act on the Promotion of the Development, Use and Diffusion of New and Renewable Energy; projects for integrated energy supply under the Integrated Energy Supply Act; and projects for energy technology development under the Energy Act;
10. Projects for safety management and improvement of distribution channels of gas under the High-Pressure Gas Safety Control Act, the Safety Control and Business of Liquefied Petroleum Gas Act, or the Urban Gas Business Act;
Article 4(Terms and Conditions of Loans) #
(1) Matters necessary for making loans to an institution eligible for loans shall be determined by the Minister of Trade, Industry and Energy: Provided, That interest rates and terms of such loans shall be determined after consultation with the Minister of Economy and Finance. <Amended by Presidential Decree No. 16081, Dec. 31, 1998; Presidential Decree No. 20678, Feb. 29, 2008; Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 27777, Jan. 10, 2017>
(2) Where the head of an institution eligible for loans determines matters necessary for lending money which has been loaned pursuant to paragraph (1), he or she shall obtain approval from the Minister of Trade, Industry and Energy. <Amended by Presidential Decree No. 16081, Dec. 31, 1998; Presidential Decree No. 20678, Feb. 29, 2008; Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 27777, Jan. 10, 2017>
Article 5(Institution Eligible for Loans) #
The institution eligible for loans shall be Korea Energy Agency.
[This Article Wholly Amended by Presidential Decree No. 27777, Jan. 10, 2017]
Article 6(Full or Partial Loan Waiver) #
(1) In either of the following cases, a full or partial waiver of the principal and interest of a loan may be granted under Article 6 (4) of the Act:
1. Where a petroleum development project is terminated before reaching commercial levels of production;
2. Where a petroleum development project reaches commercial levels of production; however, it is impossible to fully or partially repay the principal and interest payable on the loan for causes not attributable to poor project management, including acts of God, sudden changes in domestic and international circumstances, and the nature of the relevant petroleum development project.
(2) Where the institution eligible for loans seeks a full or partial waiver of the principal and interest of a loan under paragraph (1), it shall obtain approval from the Minister of Trade, Industry and Energy. <Amended by Presidential Decree No. 16081, Dec. 31, 1998; Presidential Decree No. 20678, Feb. 29, 2008; Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 27777, Jan. 10, 2017>
(3) Matters necessary for a full or partial waiver of the principal and interest of a loan under paragraphs (1) and (2) shall be determined and publicly notified by the Minister of Trade, Industry and Energy. <Amended by Presidential Decree No. 16081, Dec. 31, 1998; Presidential Decree No. 20678, Feb. 29, 2008; Presidential Decree No. 24442, Mar. 23, 2013>
Article 7 #
Deleted. <by Presidential Decree No. 24151, Oct. 29, 2012>
Article 8(Entrustment of Accounting) #
(1) Pursuant to Article 14 (1) of the Act, the Minister of Trade, Industry and Energy shall entrust the following affairs relating to the operation and management of the Special Account to the respective institutions: <Amended by Presidential Decree No. 27777, Jan. 10, 2017>
1. Korea National Oil Corporation: The following affairs:
(a) Receipt of the revenue specified in Article 5 (1) 1, 2, and 5 of the Act;
(b) Receipt of the over-refunded amount and the additional amount specified in Article 19-2 of the Petroleum and Alternative Fuel Business Act;
2. Korea Coal Corporation: Management of coal stockpiles and coal reserves, of the assets in the Special Account;
3. Mine Reclamation Corporation: Receipt of the revenue specified in Article 5 (1) 6 of the Act;
4. Korea Energy Agency: Receipt of revenue, budget expenditure and settlement, and asset management for the Special Account, except for affairs specified in subparagraphs 1 through 3.
(2) Korea National Oil Corporation, Korea Coal Corporation, Mine Reclamation Corporation, and Korea Energy Agency entrusted with affairs under the subparagraphs of paragraph (1), shall submit to the Minister of Trade, Industry and Energy a monthly performance report and a yearly performance report on the status of operating and managing the entrusted affairs by the 15th day of the following month and by January 31 of the year following the end of the relevant fiscal year, respectively. <Amended by Presidential Decree No. 16081, Dec. 31, 1998; Presidential Decree No. 20678, Feb. 29, 2008; Presidential Decree No. 24151, Oct. 29, 2012; Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 27777, Jan. 10, 2017>
(3) The CEOs of Korea National Oil Corporation, Korea Coal Corporation, Mine Reclamation Corporation, and Korea Energy Agency may determine matters necessary for effectively dealing with the entrusted affairs, upon approval from the Minister of Trade, Industry and Energy. <Amended by Presidential Decree No. 24151, Oct. 29, 2012; Presidential Decree No. 24442, Mar. 23, 2013; Presidential Decree No. 27777, Jan. 10, 2017>