SEOUL -- South Korea has secured 273 million barrels of crude oil by the end of this year from four nations in the Middle East, presidential chief of staff Kang Hoon-sik said Wednesday.
Kang, who returned home from his eight-day trip to Oman, Saudi Arabia, Qatar and Kazakhstan, said the nation also secured 2.1 million tons of naphtha by the end of this year.
"The 273 million barrels of crude oil, based on last year's consumption levels, are sufficient to sustain the economy for more than three months under normal operating conditions without the need for additional emergency measures," Kang told reporters.
Kang said the 2.1 million tons of naphtha, a key feedstock widely used in petrochemical and other industries, are equivalent to about a one month's supply based on last year's demand.
"The crude oil and naphtha will be shipped through alternative routes not affected by the blockade of the Strait of Hormuz," Kang said, expressing hope that the agreement would help stabilize domestic energy supplies.
The purchasing prices of crude oil and naphtha will be determined based on market rates, he added.
The critical maritime chokepoint has been effectively closed since the U.S. war against Iran began in late February, posing risks to South Korea, which is heavily reliant on energy imports from the Middle East.
As part of efforts to ensure a stable energy supply, Kang said his delegation held discussions with major Middle Eastern oil producers on establishing crude oil storage facilities outside the Strait of Hormuz.
During the four-nation swing, Kang said he delivered President Lee's personal letters to each country to express solidarity and call for concerted efforts to stabilize the global energy supply chain.
"In his personal letters to each country, President Lee expressed deep concern over the ongoing war in the Middle East and conveyed the Korean people's solidarity and support while expressing hope that the energy security crisis could be addressed through collective wisdom," Kang said.
In Saudi Arabia, South Korea's largest crude supplier, Saudi officials committed to supplying 200 million barrels of oil, including 50 million barrels of crude to be shipped through an alternative port on the Red Sea between April and May, according to Kang. Riyadh also agreed to provide up to 500,000 tons of naphtha requested by Seoul.
The delegation also met with Emir Sheikh Tamim bin Hamad Al Thani in Qatar and expressed hope for the timely implementation of liquefied natural gas (LNG) contracts with Seoul. Sheikh Tamim responded that his country would implement the agreement, placing South Korea as a top priority, Kang said.
Qatar had declared force majeure on its long-term LNG supply contract with South Korea and other countries due to damage caused by Iran's missile attacks on its facilities last month.
In a meeting with Oman's Deputy Prime Minister for Economic Affairs Sayyid Asa'ad bin Tariq Al Said, Kang said the Korean delegation requested Muscat's support to ensure the safe passage of 26 South Korea-related vessels stranded in the Strait of Hormuz. Al Said expressed his willingness to cooperate to ensure the safety of Korean nationals and ships, the aide noted.
South Korea secured approximately 5 million barrels of crude oil and up to 1.5 million tons of naphtha from Oman by the end of this year, Kang said, noting that the committed crude volume exceeds last year's imports of 4.5 million barrels.
In Kazakhstan, Kang said he delivered Lee's personal letter to Kazakh President Kassym-Jomart Tokayev, expressing hope for strengthened energy cooperation, and secured 18 million barrels of crude oil.
Kazakhstan has emerged as a reliable alternative source of crude, as its exports do not pass through the Strait of Hormuz.
