Seoul, April 12 Industry Minister Kim Jung-kwan said on Sunday that Saudi Arabia has promised to prioritise oil shipments to South Korea as Seoul seeks an alternative route through the Red Sea.
Authorities in Seoul are pushing to dispatch five Korean-flagged vessels to the Saudi port city of Yanbu on the Red Sea coast to help establish alternative supply routes as the Strait of Hormuz has been effectively shut down amid the Middle East conflict, reports Yonhap news agency.
"We are preparing measures to allow our vessels to use the Red Sea route, including the possibility of escort operations by the Cheonghae unit's Dae Joyoung destroyer," Kim said during a radio interview.
Kim emphasised that Saudi authorities have pledged to allocate shipments to South Korea on a priority basis.
Kim added that the government is considering diversifying crude oil imports by increasing purchases from the United States and Kazakhstan.
"This is an era in which securing resources is extremely important, alongside economic feasibility and efficiency," he said.
Oil prices have surged following U.S.-Israeli strikes on Iran in late February, heightening concerns over economic growth and inflation in South Korea, which highly depends on imports from the Middle East for its energy supply.
Meanwhile, the ruling Democratic Party (DP) and the government agreed last week 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 U.S.-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.
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.
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