Koo Yun-cheol Meets Ambassadors of Six Gulf States in Seoul: "We Will Give Korea Top Priority in Crude Oil Supplies" [U.S.–Iran war]

The government has moved to strengthen international cooperation to minimize disruptions in energy and naphtha supplies as the Iran crisis enters its second month. As concerns grow that more Gulf countries may declare force majeure on supplies due to the prolonged Iran crisis, all ministries are working to reduce the damage. Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol met with the ambassadors to Korea from the six member states of the Gulf Cooperation Council (GCC) and asked for their cooperation. The GCC ambassadors pledged to give Korea top priority in supplying energy, including crude oil.
According to diplomatic sources on the 5th, as the blockade of the Strait of Hormuz drags on, ministries across the government are drawing up measures to address the emerging energy crisis from the Middle East.
In a policy speech at the National Assembly of the Republic of Korea on the 2nd, President Lee described the current Middle East war and the blockade of the Strait of Hormuz as "not a passing shower but a massive storm," which has accelerated these efforts. A day after the speech, President Lee also joined French President Emmanuel Macron, who was visiting Seoul, in seeking ways to resolve the Strait of Hormuz issue. The two leaders agreed to take joint action to strengthen energy security and secure safe shipping lanes through the Strait of Hormuz. France, together with the United Kingdom, is leading an international coalition to find a solution for the Strait of Hormuz.
On the 3rd, Koo Yun-cheol met with the ambassadors to Korea from the United Arab Emirates (UAE), Kingdom of Saudi Arabia (KSA), State of Qatar, the State of Kuwait, Oman and the Kingdom of Bahrain at the UAE ambassador’s residence, and requested stable supplies of crude oil and other energy sources. Koo said, "Korea imports about 70% of its crude oil from Middle Eastern countries, and more than 95% of that passes through the Strait of Hormuz. If the Middle East war is prolonged, there is a risk that the negative impact on the Korean economy will grow."
Earlier, the State of Qatar, which accounts for 15% of Korea’s annual liquefied natural gas (LNG) imports, declared force majeure, heightening concerns over Korea’s energy supply stability. If more oil-producing countries declare force majeure as the Iran crisis continues, the impact will be unavoidable.
Koo urged GCC countries, including KSA, Korea’s largest crude oil supplier, and the State of Qatar, a key LNG supplier, to ensure not only stable energy supplies to Korea but also uninterrupted imports of key items such as naphtha and urea. The GCC ambassadors to Korea said that Korea is their top priority and promised to maintain close communication with the Korean government to ensure stable supplies. Earlier, Cheong Wa Dae, also known as the Blue House, had directly secured a pledge last month from the UAE for priority supply of 24 million barrels of crude oil to Korea.
rainman@fnnews.com Kim Kyung-soo Reporter