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South Korea Says Secures 273 Mln Barrels of Crude via Routes Outside Strait of Hormuz
The agreement includes 2.1 million metric tons of naphtha and enough crude to cover more than three months of normal demand, Kang said.
- On Wednesday, South Korean presidential chief of staff Kang Hoon-sik announced the nation secured 273 million barrels of crude oil from the Middle East and Kazakhstan through year-end, with supplies routed outside the Strait of Hormuz.
- South Korea relied on the Strait of Hormuz for 61 per cent of its crude oil imports last year, prompting the government to seek alternative routes amid the ongoing conflict in the Middle East.
- Saudi Arabia agreed to ship about 50 million barrels via the Red Sea, while Kazakhstan will supply 18 million barrels and Oman promised 5 million barrels of crude oil alongside 1.6 million tons of naphtha.
- Kang stated the 273 million barrels will sustain the economy for more than three months, while the 2.1 million tons of naphtha provide a one-month supply based on last year's demand.
- To further mitigate blockade risks, the government plans to construct bypass pipelines and expand joint oil storage facilities with producers outside the Strait of Hormuz, Kang said.
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23 Articles
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South Korea secures 273m crude barrels via routes outside Hormuz
South Korea has secured 273 million barrels of crude oil from the Middle East and Kazakhstan through the end of the year, with supplies routed outside the Strait of Hormuz, presidential chief of staff Kang Hoon-sik said on Wednesday. Asia's fourth-largest economy has also secured 2.1 million metric tons of naphtha over the same period, Kang said at a press briefing following his visit as a special presidential envoy to Kazakhstan, Oman, Saudi Ar…
South Korea says secures 273m barrels of crude via routes outside Strait of Hormuz
South Korea secured 273 million barrels of crude oil from the Middle East and Kazakhstan through the end of the year, with supplies routed outside the Strait of Hormuz, presidential chief of staff Kang Hoon-sik said on Wednesday. Asia's fourth-largest economy has also secured 2.1 million metric tons of naphtha over the same period, Kang said at a press briefing following his visit as a special presidential envoy to Kazakhstan, Oman, Saudi Arabia…
South Korea has provided over 270 million barrels of oil on roads that are not affected by the closure of the Ormuz Strâmtor, announced Wednesday's President Chancellor of the Republic of Korea, Kang Hoon-sik.
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