South Korea’s Finance Minister Koo Yun-cheol held discussions with diplomatic representatives from Gulf nations on Friday to address concerns about energy security and maritime safety in a crucial shipping corridor, according to a ministry announcement released Sunday.
During the diplomatic meeting, Koo requested that ambassadors from the Gulf Cooperation Council guarantee continued deliveries of oil, liquefied natural gas, naphtha, urea and other essential materials. He also emphasized the need for protection of South Korean ships and their crews operating near the strategically important Strait of Hormuz.
The diplomatic envoys responded by describing South Korea as a “top priority” nation and promised to maintain close coordination with Seoul to guarantee reliable supply chains, according to the ministry’s official statement.
South Korea, similar to many other Asian nations, depends significantly on imported energy resources, much of which travels through the Strait of Hormuz. This waterway previously handled 20% of global oil shipments before conflict erupted on February 28 when the U.S. and Israel initiated military action. Iran’s subsequent actions have essentially blocked the passage, causing energy costs to surge and raising concerns about potential worldwide economic downturn.
The Gulf Cooperation Council includes six member nations: Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain.
