The Ministry of Trade, Industry and Energy in South Korea reported that there have been no major disruptions to the country’s imports of crude oil and natural gas as a result of the Israel-Palestine conflict.
At an emergency meeting held on Monday, officials from the ministry, the state-run Korea National Oil Corp. and the Korea Gas Corp discussed the supply of the two key fuel sources in the wake of the conflict.
The government is confident that there will be no delays or disruptions in importing oil and gas from the Middle East as the site of the conflict is located away from the Strait of Hormuz islands, a critical maritime route through which Korea imports oil and gas.
It was found that the majority of the crude oil and liquefied natural gas (LNG) carriers heading to South Korea are operating as usual in the Middle Eastern areas.
“We will make all-out efforts to avoid any disruptions in securing the key energy sources amid the conflict that has just flared up,” a ministry official said.
South Korea is closely monitoring the situation in the Middle East, as the country relies on the region for 67 percent of its overall crude oil purchases and 37 percent of its total gas deals.
“The government will make every effort to minimize the impact on our economy by keeping all possibilities open while strengthening market monitoring with heightened vigilance, as it is highly uncertain how things will unfold,” Choi Sang-mok, senior presidential secretary for economic affairs, said during a briefing.
Oil prices were trading at US$87.7 as of 9:00 a.m. Monday, up 3.6 percent from a day earlier as the military conflict between Israel and the Palestinian Islamist group Hamas increases political uncertainties across the Middle East and raises concerns about supplies.
This Reuters photo shows a Palestinian mosque attacked by Israel in the southern part of the Gaza Strip on Oct. 8, 2023. (Yonhap)
kyongae.choi@yna.co.kr
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