South Korea requests a reliable energy supply from Gulf nations and emphasizes the safety of Korean vessels

South Korean Finance Minister Koo Yun-cheol engaged with envoys from Gulf countries to strengthen energy security and ensure the safety of Korean vessels near the Strait of Hormuz, as reported by the ministry on Sunday, amid the escalating Iran-war that is disrupting shipping.

During the meeting on Friday, Koo requested that the Gulf Cooperation Council ambassadors guarantee a consistent supply of oil, liquefied natural gas, naphtha, urea, and other essential resources, as well as the safety of Korean vessels and crew in the crucial strait, according to a statement from the ministry.

The envoys stated that South Korea is a nation of utmost importance and committed to maintaining close communication with Seoul to guarantee a stable supply, according to the statement.

Similar to other Asian economies, South Korea depends significantly on energy imports, including via the Strait of Hormuz, which served as a channel for 20% of the world’s oil prior to the onset of the war on February 28, initiated by the U.S. and Israel. Iran has effectively closed the waterway, leading to increased energy prices and raising concerns about a global recession.

The six member states of the GCC are Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman, and Bahrain.