South Korea Asks Gulf Cations for Steady Energy Supply, Safety of Korean Vessels

PUKMEDIA

Hormuz Strait.

South Korean Finance Minister Koo Yun-cheol has met with ambassadors from Gulf Cooperation Council (GCC) countries to strengthen energy security and ensure the safety of Korean vessels operating near the Strait of Hormuz, according to the Ministry of Economy and Finance.

In the meeting on Friday, Koo asked the Gulf Cooperation Council ambassadors ⁠to ensure a steady supply of oil, liquefied natural gas, naphtha, urea and other critical resources, and to ensure the safety of Korean vessels and crew near the vital strait, the ministry said in a statement.

The envoys said South Korea is a "top priority" nation and pledged to communicate closely with ‌Seoul ⁠to ensure stable supply, the statement said.

South Korea, like many Asian economies, is heavily dependent on energy imports passing through the Strait of Hormuz, which was a conduit ⁠for 20% of the world's oil before the U.S. and Israel launched the war on 28 February. Rising instability in the region has raised concerns over energy prices and global economic impacts.

The GCC comprises Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman, and Bahrain.

Source: Reuters



PUKMEDIA