Seoul: The ruling Democratic Party (DP) and the government have reached a consensus on dispatching special envoys to key Middle Eastern countries in a strategic move to secure crude oil supplies. This decision comes as the Strait of Hormuz, a vital oil shipping lane, remains effectively closed due to the ongoing U.S.-Israeli conflict with Iran.
According to Yonhap News Agency, DP lawmakers and government officials are in active discussions to ensure the continuity of crude oil supply through alternative routes in collaboration with Saudi Arabia, Oman, and Algeria. Rep. Ahn Do-geol emphasized the urgency of these diplomatic efforts following a consultative meeting held at the National Assembly.
The plan includes sending five Korean-flagged vessels to the Saudi Arabian city of Yanbu, situated on the Red Sea coast, as part of a broader strategy to secure oil resources. The discussions also covered potential measures to alleviate the oil supply shortage by releasing the nation’s strategic oil reserves to private refiners.
“The government will first supply the strategic oil reserves to private refiners and later carry out swaps once the overseas shipment arrives in Korea,” stated Rep. Ahn, highlighting the tactical approach being employed to manage the situation.
Furthermore, concerns over naphtha supply disruptions have led the government to conduct daily intensive checks on supply chains across 50 major industries. These disruptions have escalated following recent U.S. and Israeli airstrikes on Iran, impacting the availability of naphtha, a crucial feedstock in the petrochemical sector and other industries.