Seoul – South Korean President Lee Jae-myung stated during a cabinet meeting: “There are not many alternative routes, and if shipments stop entirely due to increasing risks, it could adversely affect South Korea’s crude oil supply and pose a significant danger to the public. Therefore, we must strike a balance and accept a certain degree of risk.”
An Do-geol, a lawmaker from the ruling Democratic Party, added after a consultative meeting at the National Assembly today that party lawmakers and government officials are holding consultations with oil-producing countries to secure alternative routes. Diplomatic efforts include the possibility of sending special envoys to Saudi Arabia, Oman, and Algeria.
An Do-geol noted that authorities plan to dispatch five Korean vessels to the Saudi port of Yanbu and the Red Sea to be used for transporting oil via alternative paths.
Deputy Prime Minister and Minister of Finance, Koo Yun-cheol, had met with the heads of diplomatic missions of the Gulf Cooperation Council (GCC) countries in Seoul, calling for guarantees of stable supplies of oil, liquefied natural gas (LNG), naphtha, urea, and other vital resources for South Korea.
Koo Yun-cheol explained that the prolonged war in the Middle East could increase the negative impact on the South Korean economy, noting that the country imports about 70% of its oil needs from the Middle East, with more than 95% passing through the Strait of Hormuz, which has been effectively closed since late February.