Post #5955

🇰🇷Seoul Secures 273M Barrels Via Alternative Routes South Korea's presidential chief of staff Kang Hoon-sik announced that the country had secured 273 million barrels of crude oil and 2.1 million tons of naphtha from four nations by year-end, following an eight-day diplomatic mission to Oman, Saudi Arabia, Qatar, and Kazakhstan. Kang stated the crude oil volume is sufficient to sustain the economy for more than three months under normal operating conditions. Saudi Arabia, South Korea's largest crude supplier, committed to supplying 200 million barrels, including 50 million barrels to be shipped through an alternative Red Sea port between April and May. Qatar, which had previously declared force majeure on its long-term LNG contracts with Seoul due to Iranian missile strikes on its facilities, confirmed it would fulfill its obligations and treat South Korea as a top priority. All crude oil and naphtha will be routed through alternative shipping lanes not passing through the Strait of Hormuz, which has been effectively closed since the US-Iran conflict began in late February. Kang also said his delegation held discussions on establishing crude oil storage facilities outside the strait, and Oman's Deputy Prime Minister expressed willingness to assist the safe passage of 26 South Korea-related vessels currently stranded there. #SouthKorea#SaudiArabia#Kazakhstan @asianomics