Company fulfills 10,000-ton direct stockpiling order for Public Procurement Service

Joins government's private-facility storage program with 7,000-ton contribution

Lotte Fine Chemical receives a commendation from the head of the Public Procurement Service at the "6th Procurement Day" ceremony held at Daejeon Convention Center on Wednesday, in recognition of the company's contributions to addressing the urea supply chain crisis. [Lotte Fine Chemical]
Lotte Fine Chemical receives a commendation from the head of the Public Procurement Service at the "6th Procurement Day" ceremony held at Daejeon Convention Center on Wednesday, in recognition of the company's contributions to addressing the urea supply chain crisis. [Lotte Fine Chemical]

Lotte Fine Chemical said Thursday it received a commendation from the head of the Public Procurement Service at the "6th Procurement Day" ceremony held at Daejeon Convention Center on Wednesday, in recognition of its contributions to stabilizing the urea supply.

The award recognizes the company's efforts to secure stable supplies of urea — a critical national resource — and build a resilient supply chain amid a global supply chain crisis.

This year, even as urea prices surged and supply became unstable due to deteriorating international conditions including conflicts in the Middle East, Lotte Fine Chemical fulfilled a 10,000-ton direct stockpiling order from the Public Procurement Service without disruption, helping ease domestic supply concerns for urea solution.

The company also joined the government's program to store strategic reserves at private facilities, contributing 7,000 tons — the largest volume among domestic participants — to proactively reduce the risk of domestic urea supply shortages.

Lotte Group has a track record of stepping in during national supply crises. During the 2021 urea shortage, Lotte Group Chairman Shin Dong-bin personally secured 1,000 tons of urea from Japan and expanded the supply chain to Vietnam, Saudi Arabia and other countries, procuring an additional 12,000 tons.

Since then, whenever urea supply instability has emerged, Lotte Fine Chemical has supplied its Yurox urea solution brand at more than double its normal volume to help stabilize the market.

"We will continue to work closely with the Public Procurement Service and other relevant agencies to contribute to domestic supply stability and supply chain risk management," a Lotte Fine Chemical official said.


keg@heraldcorp.com