Trade Minister Yeo Han-koo has called for utmost efforts to secure alternative oil and naphtha supplies to reduce uncertainties for South Korean companies amid supply disruptions from persisting Middle East turmoil. Yeo held an emergency virtual meeting late Tuesday with commercial attaches and trade officials. In a separate Wednesday meeting with business officials, he discussed requests to countries including India and the UAE.
Trade Minister Yeo Han-koo held an emergency virtual meeting late Tuesday with commercial attaches and trade officials dispatched to major trading partners, according to the Ministry of Trade, Industry and Resources. The meeting addressed the supply crisis of major industrial materials including crude oil and naphtha caused by turmoil in the Middle East. Yeo urged officials to use all available resources to secure alternative sources through outreach to foreign governments and resource companies.
In a separate meeting Wednesday with major business officials in Seoul, Yeo said he has asked India, the United Arab Emirates and other countries to help secure oil and naphtha supplies, the ministry said. During this week's World Trade Organization ministerial conference in Cameroon, Yeo requested expanded naphtha exports from India during a meeting with counterpart Piyush Goyal. Naphtha accounts for 20 to 21 percent of South Korea's imports from India.
South Korea relies on overseas sources for about half of its naphtha supply, with roughly 70 percent from the Middle East. Last year, it imported 26.84 million tons, mainly from the UAE, Algeria, Qatar, Kuwait and India, per Korea International Trade Association data.
Regarding U.S. trade inquiries under Section 301 of the 1974 Trade Act, Yeo pledged to safeguard national interests and ensure equal treatment compared to other major economies. The ministry will continue addressing energy supply issues while expanding trade networks for new export markets.
