Seoul, April 5 - South Korea's Finance Minister Koo Yun-cheol met with diplomats from Gulf countries in a bid to reinforce the country's energy security and to obtain guarantees for the safety of Korean-flagged ships and their crews operating near the Strait of Hormuz, the finance ministry said in a statement released on Sunday.
According to the ministry, the meeting took place on Friday and Koo urged ambassadors from the Gulf Cooperation Council to ensure a reliable flow of essential commodities - specifically oil, liquefied natural gas (LNG), naphtha and urea - in addition to other critical resources. He also pressed for measures to guarantee the safety of Korean vessels and personnel navigating the waters adjacent to the strategic strait.
The Gulf envoys reportedly told Seoul that South Korea is a "top priority" country for them and pledged to maintain close communication with South Korean authorities to help secure stable supplies, the ministry statement said.
Why the talks matter
South Korea, like other Asian economies, is heavily dependent on energy imports that routinely transit the Strait of Hormuz. The ministry statement reiterated that the strait was a conduit for 20% of the world’s oil prior to the conflict that began when the U.S. and Israel launched the war on February 28. The ministry said that Iran has since effectively closed the waterway, a development that has pushed energy prices higher and raised concerns about the potential for a global economic slowdown.
GCC membership
The six member states of the Gulf Cooperation Council are Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain, the ministry noted.
The exchanges between Seoul and the Gulf ambassadors reflect South Korea’s immediate priority of stabilizing energy supply lines and safeguarding maritime operations amid disruptions to one of the world’s key oil transit routes.