ENFORCEMENT DECREE OF THE ENERGY AND RESOURCES SPECIAL ACCOUNT ACT
Presidential Decree No. 14460, Dec. 30, 1994
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. 16081, Dec. 31, 1998
Presidential Decree No. 16093, Jan. 29, 1999
Presidential Decree No. 16379, jun. 8, 1999
Presidential Decree No. 17175, Mar. 27, 2001
Presidential Decree No. 17334, Aug. 10, 2001
Presidential Decree No. 18343, Mar. 29, 2004
Presidential Decree No. 18594, Dec. 3, 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. 19458, Apr. 27, 2006
Presidential Decree No. 19671, Sep. 4, 2006
Presidential Decree No. 19869, Feb. 6, 2007
Presidential Decree No. 20678, Feb. 29, 2008
Presidential Decree No. 21004, Sep. 16, 2008
Presidential Decree No. 21052, Sep. 30, 2008
Presidential Decree No. 21441, Apr. 21, 2009
Presidential Decree No. 21461, Apr. 30, 2009
Presidential Decree No. 21566, jun. 26, 2009
Presidential Decree No. 22117, Apr. 13, 2010
Presidential Decree No. 22493, Nov. 15, 2010
Presidential Decree No. 24151, Oct. 29, 2012
Presidential Decree No. 24442, Mar. 23, 2013
Presidential Decree No. 26360, jun. 30, 2015
Presidential Decree No. 26439, Jul. 24, 2015
Presidential Decree No. 27777, Jan. 10, 2017
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>
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>
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: |
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> |
10-2. | Support projects following structural changes to the petroleum pricing regime; |
11. | Projects to support stabilization of energy prices, including electricity and gas; |
12. | Projects for investigation, research, and technological development relating to the projects specified in subparagraphs 1 through 10, 10-2, and 11. |
(2) | The institutions or organizations related to energy and resources eligible for contributions from the Special Account under Article 5 (2) and (3) of the Act shall be as follows: <Amended by Presidential Decree No. 16044, Dec. 31, 1998; Presidential Decree No. 16093, Jan. 29, 1999; Presidential Decree No. 17175, Mar. 27, 2001; Presidential Decree No. 18594, Dec. 3, 2004; Presidential Decree No. 19458, Apr. 27, 2006; Presidential Decree No. 19869, Feb. 6, 2007; Presidential Decree No. 21052, Sep. 30, 2008; Presidential Decree No. 21441, Apr. 21, 2009; Presidential Decree No. 21461, Apr. 30, 2009; Presidential Decree No. 22117, Apr. 13, 2010; Presidential Decree No. 24151, Oct. 29, 2012; Presidential Decree No. 26439, Jul. 24, 2015> |
1. | The Korea Energy Economics Institute established under Article 8 of the Act on the Establishment, Operation and Fostering of Government-Funded Research Institutes; |
4. | Korea Institute of Geoscience and Mineral Resources established under Article 8 of the Act on the Establishment, Operation and Fostering of Government-Funded Science and Technology Research Institutes; |
5. | The Korea Institute of Energy Research established under Article 8 of the Act on the Establishment, Operation and Fostering of Government-Funded Science and Technology Research Institutes; |
6. | The Korea Electrotechnology Research Institute established under Article 8 of the Act on the Establishment, Operation and Fostering of Government-Funded Science and Technology Research Institutes; |
7. | Deleted; <by Presidential Decree No. 24151, Oct. 29, 2012> |
8. | The Korea Atomic Energy Research Institute established under Article 8 of the Act on the Establishment, Operation and Fostering of Government-Funded Science and Technology Research Institutes; |
(3) | The institutions or organizations related to energy and resources eligible to receive investment from the Special Account under Article 5 (2) and (3) of the Act shall be as follows: <Newly Inserted by Presidential Decree No. 16081, Dec. 31, 1998; Presidential Decree No. 19869, Feb. 6, 2007; Presidential Decree No. 21566, Jun. 26, 2009; Presidential Decree No. 24151, Oct. 29, 2012> |
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: |
2. | Korea Coal Corporation: Management of coal stockpiles and coal reserves, of the assets in the Special Account; |
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> |
ADDENDUM <Presidential Decree No. 14460, Dec. 30, 1994>
(1) | (Enforcement Date) This Decree shall enter into force on January 1, 1995. |
(2) | (Transitional Measures concerning Loans) In accordance with Article 5 of the Addenda of the Act, loans vested in the buffer account for loans and oil prices as of January 1, 1995 shall be deemed loaned or lent for each project eligible for loans pursuant to this Decree. In this case, the Minister of Trade, Industry and Energy may separately determine matters concerning terms and conditions of loans and lending, including interest rates and terms. |
ADDENDUM <Presidential Decree No. 14967, Apr. 6, 1996>
(1) | (Enforcement Date) This Decree shall enter into force on the date of its promulgation. |
ADDENDUM <Presidential Decree No. 15232, Dec. 31, 1996>
(1) | (Enforcement Date) This Decree shall enter into force on January 1, 1997. |
ADDENDA <Presidential Decree No. 15838, Jul. 16, 1998>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDUM <Presidential Decree No. 16044, Dec. 31, 1998>
This Decree shall enter into force on January 1, 1999.
ADDENDA <Presidential Decree No. 16081, Dec. 31, 1998>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 1999.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 16093, Jan. 29, 1999>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 16379, Jun. 8, 1999>
Article 1 (Enforcement Date)
This Decree shall enter into force on August 9, 1999.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 17175, Mar. 27, 2001>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDUM <Presidential Decree No. 17334, Aug. 10, 2001>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 18343, Mar. 29, 2004>
Article 1 (Enforcement Date)
This Decree shall enter into force on March 30, 2004.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 18594, Dec. 3, 2004>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 18796, Apr. 22, 2005>
Article 1 (Enforcement Date)
This Decree shall enter into force on April 23, 2005. (Proviso Omitted.)
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 19023, Aug. 31, 2005>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 19184, Dec. 26, 2005>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2006.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 19458, Apr. 27, 2006>
Article 1 (Enforcement Date)
This Decree shall enter into force on June 1, 2006.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 19671, Sep. 4, 2006>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDUM <Presidential Decree No. 19869, Feb. 6, 2007>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 20678, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 7 Omitted.
ADDENDUM <Presidential Decree No. 21004, Sep. 16, 2008>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 21052, Sep. 30, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 21441, Apr. 21, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 1, 2009.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 21461, Apr. 30, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 1, 2009.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 21566, Jun. 26, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 22117, Apr. 13, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on April 14, 2010.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 22493, Nov. 15, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on November 18, 2010.
Articles 2 through 5 Omitted.
ADDENDUM <Presidential Decree No. 24151, Oct. 29, 2012>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 24442, Mar. 23, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 12 Omitted.
ADDENDUM <Presidential Decree No. 26360, Jun. 30, 2015>
This Decree shall enter into force on July 1, 2015.
ADDENDA <Presidential Decree No. 26439, Jul. 24, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 29, 2015.
Article 2 Omitted.
ADDENDUM <Presidential Decree No. 27777, Jan. 10, 2017>
This Decree shall enter into force on July 1, 2017.