Prakash Kafle/Kathmandu — South Korea has secured 273 million barrels of crude oil from four Middle Eastern countries by the end of this year, Presidential Chief Secretary Kang Hoon-sik informed on Wednesday. Kang, who returned after an eight-day visit to Oman, Saudi Arabia, Qatar, and Kazakhstan, also said that 2.1 million tons of naphtha has been secured for the same period. According to him, 273 million barrels of crude oil would be sufficient to run the economy for more than three months based on last year’s consumption, without requiring any additional emergency measures. He added that 2.1 million tons of naphtha—a key raw material widely used in petrochemical and other industries—would be equivalent to about one month of supply based on last year’s demand. He stated that both crude oil and naphtha would be transported through alternative routes not affected by the blockade in the Strait of Hormuz, expressing hope that these agreements would help stabilize the country’s energy supply. He also noted that prices for crude oil and naphtha would be determined based on market rates. Following the war against Iran launched by the United States in late February, the Strait of Hormuz has become effectively closed, creating major risks for South Korea, which heavily depends on Middle Eastern energy imports. To stabilize energy supply, Kang’s team also discussed establishing crude oil storage facilities outside the Strait of Hormuz with major producers in the region. During the visit, Kang conveyed personal messages from President Lee to the leaders of those countries, emphasizing the need for joint efforts to stabilize the global energy supply chain.
Saudi Arabia, South Korea’s largest crude oil supplier, has committed to supplying 200 million barrels of oil. Out of this, 5 million barrels will be shipped between April and May through an alternative port in the Red Sea. Saudi Arabia has also agreed to supply up to 500,000 tons of naphtha. In Qatar, the delegation met Emir Sheikh Tamim bin Hamad Al Thani and expressed expectations for timely implementation of LNG agreements. In response, Qatar reaffirmed its commitment to prioritize South Korea and implement the agreement. Earlier, Qatar had declared force majeure on long-term LNG supply contracts after its facilities were damaged by missile attacks from Iran. In Oman, during a meeting with Deputy Prime Minister Sayyid Asaad bin Tariq Al Said, Kang requested support for the safe movement of 26 South Korean-affiliated vessels stranded in the Strait of Hormuz. Oman pledged cooperation for the safety of Korean citizens and ships. From Oman, South Korea has secured around 50 million barrels of crude oil and up to 1.5 million tons of naphtha by the end of this year, higher than last year’s 45 million barrels of imports. In Kazakhstan, Kang conveyed a message to President Kassym-Jomart Tokayev and expressed expectations for expanded energy cooperation, confirming 18 million barrels of crude oil from the country.
He also noted that Kazakhstan is becoming a reliable alternative energy source as it does not require passage through the Strait of Hormuz.
दक्षिण कोरियाले मध्यपूर्वबाट २७ करोड ३० लाख ब्यारेल तेल सुनिश्चित गर्यो
