South Korea has secured more than 270 million barrels of crude oil through routes unaffected by the US blockade of the Strait of Hormuz, a senior official has said, as concerns grow over energy security in the region.
“I hereby report to the nation that visits to four countries have secured the import of 273 million barrels of crude oil by the end of this year,” said Kang Hoon-sik, chief of staff to the president.
Kang Hoon-sik said the secured volume would be sufficient to meet more than three months of South Korea’s oil demand. The announcement came after Kang Hoon-sik returned from visits to Kazakhstan, Oman, Saudi Arabia and Qatar.
Like many Asian economies, South Korea has faced increasing risks to its energy supplies following US and Israeli attacks on Iran in late February, which prompted Tehran to effectively shut down the key shipping route. Kang Hoon-sik noted that around 60 per cent of South Korea’s crude oil imports last year passed through the Strait of Hormuz, which the United States began blockading earlier this week.
Kang Hoon-sik also said that Seoul had secured an additional 2.1 million tonnes of naphtha, a key oil-derived material used in the production of various plastic goods. That figure “amounts to roughly one month’s worth of imports based on last year’s volume,” Kang Hoon-sik said.
“The supplies of both materials will therefore contribute directly and materially to stabilising domestic supply and demand,” Kang Hoon-sik added, signalling efforts by the government to mitigate the impact of ongoing geopolitical tensions on the country’s energy needs.
