Industry Minister Kim Jung-kwan announced that Saudi Arabia has committed to prioritizing oil deliveries to South Korea as Seoul explores an alternative route via the Red Sea. Seoul aims to send five Korean-flagged vessels to Yanbu, Saudi Arabia, on the Red Sea coast to establish new supply channels due to the closure of the Strait of Hormuz amidst Middle East tensions.
Kim mentioned plans to potentially escort Korean vessels through the Red Sea route using the Cheonghae unit’s Dae Joyoung destroyer. He highlighted Saudi Arabia’s assurance of allocating oil shipments to South Korea as a priority. Additionally, the government is contemplating diversifying crude oil imports by increasing purchases from the United States and Kazakhstan.
Amid concerns over economic growth and inflation in South Korea following U.S.-Israeli strikes on Iran, oil prices have surged. The country heavily relies on Middle Eastern imports for its energy needs. In a bid to secure crude oil, the ruling Democratic Party and the government have agreed to send special envoys to Saudi Arabia, Oman, and Algeria, seeking alternative supply routes as the Strait of Hormuz remains closed.
DP lawmakers and government officials are engaged in discussions with countries offering alternative routes to ensure a stable crude oil supply. They have committed to enhancing diplomatic efforts, including dispatching envoys to Saudi Arabia, Oman, and Algeria.
