In a bid to mitigate the impact of Strait of Hormuz disruptions, South Korea is set to dispatch five vessels flying the Korean flag to the Saudi Arabian port of Yanbu, situated in the Red Sea. This strategic move aims to establish a new oil supply route that bypasses the volatile Strait of Hormuz, according to a ruling party MP.
Lawmaker Ahn Do-geol, following a meeting with relevant government agencies, including the energy ministry, emphasized the need to secure crude supplies through alternative export routes. He revealed plans to deploy five South Korean-flagged vessels to the Yanbu port in Saudi Arabia, without providing further details. The decision comes as oil prices have skyrocketed due to the ongoing US-Israeli conflict with Iran, posing significant growth and inflation risks for South Korea, which relies heavily on Middle Eastern crude for approximately 70 percent of its imports.
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