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| ▲ Lee Jae-myung (C), leader of the main opposition Democratic Party, speaks during a Supreme Council meeting at the National Assembly on June 5, 2024. (Yonhap) |
opposition-Yoon-oil discovery
Opposition parties wary of Yoon's announcement of potential discovery of offshore oil
SEOUL, June 5 (Yonhap) -- Opposition parties on Wednesday questioned President Yoon Suk Yeol's recent announcement of the potential discovery of gas and oil off the country's east coast as an attempt to turn the tide amid Yoon's dropping approval ratings.
On Monday, Yoon said South Korea will conduct an oil and gas exploration project in the East Sea after a study suggested significant oil deposits may be buried in the deep sea off the coast of Yeongil Bay in Pohang, about 260 kilometers southeast of Seoul.
"While I hope for its success, I also hope for a cautious and stable management of state affairs so that we do not waste our budget or raise the public's expectations unnecessarily and can prevent disappointments similar to the Busan Expo bid that failed," Lee Jae-myung, leader of the main opposition Democratic Party (DP), said during a Supreme Council meeting.
Lee stressed that such a project should be conducted with private capital instead of government funding.
The DP plans to hold a meeting of the Trade, Industry and Energy Committee to question the project, including its feasibility.
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