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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] Amid escalating instability in the Middle East following a reported U.S. strike on Iran’s nuclear facilities, South Korea’s Ministry of Trade, Industry and Energy (MOTIE) convened an emergency meeting on June 22 to assess potential impacts on the nation’s energy security, trade, and supply chains.
The emergency session, led by Vice Minister Choi Nam-ho, took place at 3 p.m. at the Government Complex Seoul under the title “Comprehensive Situation Assessment Meeting on Middle East Developments.” The discussion focused on the domestic supply status of crude oil and liquefied natural gas (LNG), as well as the operational safety of South Korean vessels currently navigating waters near the Middle East.
Given the volatile situation, the ministry also reviewed contingency plans to address potential disruptions, including scenarios involving the closure of the strategically critical Strait of Hormuz.
This follows a prior emergency meeting convened on June 19, shortly after Israel’s airstrike on Iran, during which MOTIE’s Resource Industry Policy Bureau assessed oil and gas supply conditions and discussed potential countermeasures.
South Korean authorities and energy firms reportedly hold strategic reserves amounting to approximately 200 days’ worth of oil, along with natural gas inventories exceeding the legally required minimum, in preparation for potential supply shocks.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
