Lotte Fine Chemical Receives Public Procurement Service Director's Commendation for Stabilizing Urea Supply

10,000 Tons of Urea Procured for Direct Government Stockpiling

7,000 Tons Supplied in Facility Stockpiling Program

Supply Chain Diversification Maintained Since 2021

Lotte Fine Chemical announced on October 1 that it received a commendation from the director of the Public Procurement Service at the 6th Public Procurement Day event held on the 30th, in recognition of its contribution to stabilizing the supply of urea.

At the 6th Public Procurement Day event held on the 30th at Daejeon Convention Center, Lotte Fine Chemical received a commendation from the Public Procurement Service Commissioner in recognition of its contribution to responding to the urea supply chain crisis. Lotte Fine Chemical

This year, as the prices and supply of urea became unstable due to factors such as the war in the Middle East, Lotte Fine Chemical procured 10,000 tons of urea for direct government stockpiling by the Public Procurement Service. The company also participated in the "facility stockpiling program," in which government reserves are stored at private facilities, by contributing 7,000 tons.

The company explained that these actions have strengthened the domestic urea supply base and helped ease concerns about urea solution supply instability.

In 2021, during the urea solution shortage crisis, Lotte Fine Chemical initially secured 1,000 tons of urea from Japan. The company subsequently diversified its supply chain to include Vietnam and Saudi Arabia, securing an additional 12,000 tons. Whenever urea supply instability occurred thereafter, Lotte Fine Chemical more than doubled the supply of its urea solution brand, "Eurex," compared to usual levels.

According to Ministry of Environment statistics, Eurex has ranked number one in urea solution sales in Korea for 18 consecutive years.

A representative from Lotte Fine Chemical stated, "We will continue close cooperation with the Public Procurement Service and other relevant agencies to help stabilize domestic urea supply and address supply chain risks."

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