S. Korea To Send Special Envoys To West Asia To Secure Crude Oil

SEOUL, April 6 (Bernama-Yonhap) -- The ruling Democratic Party (DP) and the South Korean government have agreed 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.

According to Yonhap News Agency, 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.

-- BERNAMA-YONHAP