South Korea is preparing diplomatic and emergency measures to secure crude oil supplies after the Strait of Hormuz, an important global energy shipping route, was effectively closed amid the US-Israeli war against Iran.
Kyodo News, quoted on Monday, April 6, reported that the ruling Democratic Party and the South Korean government on Monday agreed to seek the dispatch of special envoys to Saudi Arabia, Oman, and Algeria. The move was taken to keep crude oil supplies safe amid disruptions to major shipping routes.
Member of Parliament Ahn Do-geol said the government and ruling party are consulting with countries that have alternative routes. In addition, they also agreed to increase diplomatic efforts to stabilize crude oil supplies, including through sending envoys to the three countries.
According to Ahn, South Korean authorities are also pushing for the delivery of five Korean-flagged ships to Yanbu, a Saudi Arabian port city on the Red Sea coast.
In a consultative meeting in the National Assembly, officials also discussed the release of the country's strategic oil reserves to private refineries to address potential supply shortages.
"The government will first supply strategic oil reserves to private refiners and then carry out an exchange scheme after shipments from abroad arrive in Korea," Ahn said, quoted by Kyodo News.
In addition to crude oil, the government is also monitoring the supply of naphtha. Ahn said the government is conducting intensive inspections every day of the supply chain in 50 major industries after domestic disruptions increased following the US and Israeli air raids on Iran. Naphtha is an important raw material used in the petrochemical industry and other sectors.
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