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, Yonhap reports. Kang, who returned home from his eight-day trip to Oman, Saudi Arabia and Qatar and Kazakhstan, said the nation also secured 2.1 million tons of naphtha by the end of this year.
The 273 million barrels of crude oil, based on last year's consumption levels, are sufficient to sustain the economy for more than three months under normal operating conditions without the need for additional emergency measures, Kang told reporters. Kang said the 2.1 million tons of naphtha, a key feedstock widely used in petrochemical and other industries, are equivalent to about a one month's supply based on last year's demand.
The crude oil and naphtha will be shipped through alternative routes not affected by the blockade of the Strait of Hormuz, Kang said, expressing hope that the agreement would help stabilize domestic energy supplies. 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 is heavily reliant on energy imports from the Middle East. As part of efforts to ensure a stable energy supply, Kang said 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 swing, Kang said he delivered President Lee's personal letters to each country to express solidarity and call for concerted efforts to stabilize the global energy supply chain. In his personal letters to each country, 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, Kang said.
Previously, Qazinform reported President Kassym-Jomart Tokayev of Kazakhstan on April 8 met with visiting President Lee Jae Myung's special envoy - chief of staff Kang Hoon-sik.