South Korea will dispatch special envoys to Saudi Arabia, Oman and Algeria to secure crude oil as the Strait of Hormuz remains effectively closed.
SEOUL: The ruling Democratic Party and the South Korean government have agreed to seek the dispatch of special envoys to Saudi Arabia, Oman and Algeria to secure crude oil supplies.
This diplomatic move comes as the Strait of Hormuz, a key global oil shipping route, is effectively closed amid regional conflict.
Lawmakers and government officials are working to secure crude oil through consultations with countries that have alternative routes, according to Democratic Party representative Ahn Do-geol.
They also vowed to step up diplomatic efforts to stabilise the supply of crude oil, including the envoy dispatch.
Authorities are pushing to dispatch five Korean-flagged vessels to the Saudi Arabian city of Yanbu on the Red Sea coast.
Officials also discussed measures to release the nation’s strategic oil reserves to private refiners to tackle shortages.
“The government will first supply the strategic oil reserves to private refiners and later carry out swaps once the overseas shipment arrives in Korea,” Ahn said.
On the supply of naphtha, he said the government is conducting intensive daily checks on supply chains across 50 major industries.
Domestic disruptions have intensified following US and Israeli airstrikes on Iran, impacting the key petrochemical feedstock.
