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South Korea’s President warned that the country must carefully balance risks as disruptions in the Strait of Hormuz threaten global oil supplies.
On Monday, President Lee Jae Myung expressed his concerns, noting South Korea must navigate potential dangers in importing Middle Eastern crude amid Strait of Hormuz disruptions.
"There are not many alternative routes, and if shipments are cut off altogether because of heightened risk, it could have a serious impact on South Korea's crude supply and pose a major risk to the public, so we need to strike a balance and accept a certain degree of risk," Lee said in a cabinet meeting.
According to ruling Democratic Party lawmaker Ahn Do-geol, South Korea has been consulting with countries like Saudi Arabia, Oman, and Algeria to explore alternative oil routes.
Ahn said diplomatic efforts may involve sending special envoys, while the Industry Ministry plans to deploy five South Korean‑flagged vessels on the Red Sea and consider using government oil reserves for private refiners until replacement shipments arrive.
Finance Minister Koo Yun-cheol met Gulf Cooperation Council envoys to secure oil, LNG, and other resources as South Korea faced supply risks from the Strait of Hormuz.
The Energy Ministry also aimed to reach 100 GW of renewable energy by 2030 and increase renewables’ share to over 20%.
Notably, South Korea has also set a target for hydrogen reduction steelmaking, which uses hydrogen instead of coal or gas, with a 300,000-ton pilot facility to be completed by 2028, with full commercialisation targeted for after 2037.
