SEOUL, April 24 (UPI) -- South Korea plans to inject 367.1 billion won ($390.1 million) into energy resources development this year, officials said Monday.
The investment plan, up 26 percent from last year, comes at a time when international crude prices surged to a record high last month, setting off an alarm bell for South Korea's oil import-dependent economy.
The plan calls for 144.6 billion won ($153.8 million) to be injected into various research and development projects in the power industry sector, with 124.5 billion won ($131.9 million) to be used to support new and reusable energy endeavors, the Ministry of Commerce, Industry and Energy said.
The ministry will use the remainder of the money on technology related to enhancing energy efficiency and dealing with the emission of greenhouse gases, officials said.
Energy-poor South Korea, the world's fourth-largest crude importer, is vulnerable to rises in oil prices because it imports almost all of its crude requirements.
Economists warn the strong crude prices will deliver a serious blow to the South Korean economy driven by energy-intensive industries, such as oil refinery, steel and automobiles.
