SEOUL: South Korean Finance Minister Koo Yun-cheol (pic) met with envoys from Gulf countries to shore up energy security and the safety of Korean vessels near the Strait of Hormuz, the ministry said on Sunday (April 5), as the escalating Iran war disrupts shipping.
In the meeting on Friday, Koo asked the Gulf Cooperation Council ambassadors to ensure a steady supply of oil, liquefied natural gas, naphtha, urea and other critical resources, and to ensure the safety of Korean vessels and crew near the vital strait, the ministry said in a statement.
The envoys said South Korea is a "top priority" nation and pledged to communicate closely with Seoul to ensure stable supply, the statement said.
Like other Asian economies, South Korea relies heavily on energy imports, including through the Strait of Hormuz, which was a conduit for 20% of the world's oil before the US and Israel launched the war on Feb 28. Iran has since effectively shut down the waterway, driving up energy prices and stoking fears of a global recession.
The six GCC member states are Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. - Reuters
