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Trade Minister Vows to Prepare for All Scenarios amid Crisis in Middle East

Written: 2024-04-15 15:59:38Updated: 2024-04-16 09:12:20

Trade Minister Vows to Prepare for All Scenarios amid Crisis in Middle East

Photo : YONHAP News

The South Korean government will prepare measures for all possible scenarios amid escalating tensions in the Middle East following Iran's attack on Israel over the weekend.
Minister of Trade, Industry and Energy Ahn Duk-geun on Monday made the statement during an emergency inspection meeting on oil and gas supplies with state-run firms and oil refiners in Seoul. 

Additionally, Ahn vowed to respond to the current crisis in the region, while explaining that there have been no disruptions in the supply of key energy resources such as crude oil and liquefied natural gas(LNG).
However, the ministry emphasized that the country is highly dependent on the Middle East for its energy, with 72 percent of crude oil and 32 percent of LNG supplies coming from the Middle East as of last year.
Accordingly, Ahn and other officials discussed supply and demand response measures in case of an emergency, while considering various situations, such as navigation disruptions in the Strait of Hormuz.

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