South Korea has decided to transport oil shipments via the Red Sea as an alternative to the Strait of Hormuz, where disruptions continue amid the Middle East war.
The decision came as President Lee Jae Myung stressed the need to balance vessel safety against oil supply needs during a Cabinet meeting, which doubled as an emergency economic review meeting, held Monday at Cheong Wa Dae in Seoul.
“There are not many alternative routes left for rerouted imports,” Lee said. “If we block them outright just because they carry some risk, it could seriously affect the Republic of Korea’s crude supply and pose too great a threat to the country and its people,” Lee added, referring to South Korea by its official name.
Lee underscored that “we should ensure the right balance,” warning that banning every route carrying even a slight risk in pursuit of “100 percent safety” would make it difficult to secure crude supplies at home.
“Taking all that into account, we may be entering a situation in which we cannot help but accept some degree of risk.”
During the Cabinet meeting, Minister of Oceans and Fisheries Hwang Jong-woo laid out the ministry’s plan to support crude oil shipments via Yanbu Port on the Red Sea coast.
