South Korea President Lee Jae Myung’s chief of staff is scheduled to travel to Kazakhstan, Oman, and Saudi Arabia to discuss securing crude oil and naphtha supplies. This move comes amid concerns over the US-Israeli conflict with Iran and disruptions in the oil trade routes. The government is particularly focused on ensuring stable supplies of essential resources due to the country’s heavy reliance on oil and naphtha imports from the Middle East.
Presidential chief of staff Kang Hoon-sik emphasized the urgency of the situation, highlighting the importance of securing alternative sources until the crisis in the Middle East is resolved. South Korea recently agreed to receive 24 million barrels of crude oil from the United Arab Emirates to address immediate supply needs. Kang also mentioned ongoing efforts to coordinate with local companies and engage in high-level discussions with Middle Eastern nations to achieve concrete results.
In addition to addressing the supply chain challenges, Kang mentioned the government’s efforts to ensure the safety of South Korean-flagged vessels in the Strait of Hormuz. With 26 vessels currently stranded in the strait following previous tensions, the government is prioritizing crew safety and working closely with shipping companies to navigate the situation. Kang, accompanied by trade ministry officials and representatives from local energy firms, will depart as a special envoy to facilitate these discussions.
