Seoul: South Korea has secured 273 million barrels of crude oil by the end of this year from four nations in the Middle East, presidential chief of staff Kang Hoon-sik said Wednesday. Kang, who returned home from his eight-day trip to Oman, Saudi Arabia, Qatar, and Kazakhstan, said the nation also secured 2.1 million tons of naphtha by the end of this year.
According to Yonhap News Agency, Kang stated that the 273 million barrels of crude oil are sufficient to sustain the economy for more than three months under normal operating conditions without needing additional emergency measures. The 2.1 million tons of naphtha, a key feedstock used in petrochemical and other industries, provide about a one month's supply based on last year's demand.
Kang further explained that the crude oil and naphtha would be shipped through alternative routes not affected by the blockade of the Strait of Hormuz. The critical maritime chokepoint has been effectively closed since the U.S. war against Iran began in late February, posing risks to South Korea, which heavily relies on energy imports from the Middle East.
As part of efforts to ensure a stable energy supply, Kang mentioned that his delegation held discussions with major Middle Eastern oil producers on establishing crude oil storage facilities outside the Strait of Hormuz. During the four-nation tour, Kang delivered President Lee's personal letters to each country, expressing solidarity and calling for concerted efforts to stabilize the global energy supply chain.
Kang noted that in his letters, President Lee expressed deep concern over the ongoing war in the Middle East and conveyed the Korean people's solidarity and support, while expressing hope that the energy security crisis could be addressed through collective wisdom.