South Korea Secures 273 Mln Barrels of Crude via Routes Outside Strait of Hormuz

South Korea has secured 273 million barrels of crude oil from the Middle East and Kazakhstan through the end of the year, with supplies routed outside the Strait of Hormuz, presidential chief of staff Kang Hoon-sik said on Wednesday.

Asia’s fourth-largest economy has also secured 2.1 million metric tons of naphtha over the same period, Kang said at a press briefing following his visit as a special presidential envoy to Kazakhstan, Oman, Saudi Arabia and Qatar over the past week.

“In particular, the crude oil and naphtha secured this time will be sourced through alternative supply routes unrelated to closure of the Strait of Hormuz, and will therefore make a direct and tangible contribution to stabilising domestic supply,” Kang said. Reuters