South Korea has launched a diplomatic offensive to guarantee oil and naphtha supplies amid tensions in the Strait of Hormuz, a key route for global energy trade.
Strategic mission in Asia and the Middle East
In this context, Presidential Chief of Staff Kang Hoon-sik will undertake a tour of Kazakhstan, Oman, and Saudi Arabia with the aim of strengthening energy agreements. The mission includes meetings with governments, energy companies, and maritime operators.
In addition, the initiative seeks to ensure that crude oil cargoes reach South Korean ports without interruption, in a scenario marked by logistical and geopolitical risks.
Dependence on the Strait of Hormuz drives changes
Currently, South Korea relies on the Strait of Hormuz for approximately 61% of its crude oil imports and 54% of its naphtha. This high exposure has forced the country to accelerate its energy diversification strategy.
Therefore, the government has begun expanding its network of suppliers and supply routes in order to reduce its vulnerability to potential blockades or conflicts in the region.
Recent agreements and short-term supply
Likewise, authorities confirmed that cargoes of crude oil and naphtha from the United Arab Emirates are already arriving, under a recently signed agreement for 24 million barrels.
This volume helps ease immediate pressure on the national energy system, although authorities acknowledge that it is a temporary solution.
Long-term strategy and energy security
On the other hand, the current approach focuses on ensuring long-term supply through agreements with multiple countries. South Korea has secured alternative oil volumes from 17 nations, including the United States, Brazil, and Canada.
These supplies would cover up to 70% of projected demand in the coming months, representing a significant advance in the resilience of the energy system.
Industrial impact and domestic measures
However, the situation has already begun to affect local industry. Refineries have reduced their operating rate by around 10%, while naphtha supply has decreased by between 10% and 20%.
In view of this scenario, the government has urged companies and households to adopt energy-saving measures to mitigate the impact of the crisis.
Strategic resources for key sectors
In parallel, South Korea has also secured helium reserves for the semiconductor industry for approximately four months. This resource is essential for advanced technology manufacturing.
In this way, the country seeks to protect both its energy security and the continuity of its strategic industries in an uncertain global environment.
Source: Reuters
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