Petroleum and Petroleum Substitute Fuel Business Act. Country/Territory Korea, Republic of Document type Legislation Date 2004 (2015) Source FAO, FAOLEX Subject Energy Keyword Oil Natural gas International trade Internal trade Business/industry/corporations Cooperative/producer organization Geographical area Asia, Asia and the Pacific, East Asian Seas, Eastern Asia, North Pacific, North-West Pacific Abstract The purpose of this Act is to develop the national economy and improve the people's lives by stabilizing the supply and demand as well as the prices of petroleum and ensuring the quality of petroleum products and a substitute fuel for petroleum. In particular, the persons specified by Presidential Decree, from among petroleum retailers, may establish a financial cooperative, with authorization from the Minister of Trade, Industry and Energy for providing guarantees and loans necessary to promote their mutual cooperation and autonomous economic activities, and to enhance their economic status. The text consists of 50 articles. Full text English Website www.klri.re.kr