Seoul, April 12 (IANS) Industry Minister Kim Jung-kwan said on Sunday that Saudi Arabia has promised to prioritise oil shipments to South Korea as Seoul seeks an alternative route through the Red Sea.Authorities in Seoul are pushing to dispatch five Korean-flagged vessels to the Saudi port city of Yanbu on the Red Sea coast to help establish alternative supply routes as the Strait of Hormuz has been effectively shut down amid the Middle East conflict, reports Yonhap news agency.”We are preparing…
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Seoul, April 7 (IANS) South Korean President Lee Jae Myung was set to hold a meeting with leaders of the ruling and the main opposition parties Tuesday, officials said, as they were expected to discuss measures to mitigate economic fallout from the war in the Middle East.Lee is scheduled to meet with Democratic Party (DP) leader Jung Chung-rae, DP floor leader Han Byung-do, People Power Party (PPP) leader Jang Dong-hyeok and PPP floor leader Song Eon-seog at Cheong Wa Dae later in the day.Prime …
Seoul, April 3 (IANS) The ruling Democratic Party (DP) of South Korea and the government agreed on Monday to seek the dispatch of special envoys to Saudi Arabia, Oman and Algeria to secure crude oil as the Strait of Hormuz, a key oil shipping route, is effectively closed amid the US-Israeli war with Iran.The DP lawmakers and government officials are working to secure crude oil supplies through consultations with countries that have alternative routes, Rep. Ahn Do-geol told reporters after a cons…
New Delhi, March 27 (IANS) Iran’s plan to establish a safe corridor in the Strait of Hormuz has been met with reluctance from China, even as the country along with “Asia’s major economies facing serious issues amid disruptions in shipping traffic,” a new report has said.The report from Turkey-based Anadolu Agency said Chinese vessels largely avoided the safe corridor provided by Tehran for 10 days.Tehran announced on March 13 that it would monitor ship movements in a corridor between the Lar…