South Korea: Ruling party, govt agree on efforts to send special envoys to Middle East to secure crude oil
Seoul, April 3 (IANS) The ruling Democratic Party (DP) of South Korea and the government agreed on Monday to seek the dispatch of special envoys to Saudi Arabia, Oman and Algeria to secure crude oil as the Strait of Hormuz, a key oil shipping route, is effectively closed amid the US-Israeli war with Iran.
The DP lawmakers and government officials are working to secure crude oil supplies through consultations with countries that have alternative routes, Rep. Ahn Do-geol told reporters after a consultative meeting at the National Assembly.
They also vowed to step up diplomatic efforts to stabilise the supply of crude oil, including dispatching the envoys to Saudi Arabia, Oman and Algeria.
Authorities are pushing to dispatch five Korean-flagged vessels to the Saudi Arabian city of Yanbu on the Red Sea coast, according to Rep. Ahn.
During the meeting, the officials also discussed measures to release the nation’s strategic oil reserves to private refiners to tackle shortages of oil supplies.
“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 checks on the supply chains across 50 major industries on a daily basis, as domestic disruptions have intensified following US and Israeli airstrikes on Iran. Naphtha is a key feedstock widely used in petrochemical and other industries, Yonhap news agency reported.
Earlier on April 3, Lee Jae Myung and French President Emmanuel Macron held summit talks and discussed ways to expand cooperation to mitigate the economic impacts of the war in the Middle East while strengthening strategic coordination on international issues.
Lee had addressed growing concerns over uncertainties in global energy supply chains as the Strait of Hormuz, a vital oil shipping route, has been effectively disrupted for weeks by the United States’ war in Iran, pushing up prices for crude and related products worldwide.
–IANS
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