'No disruptions' in oil, LNG imports, Korean Trade Ministry reports

Industry

Published: 14 Jan. 2024, 17:47

'No disruptions' in oil, LNG imports, Korean Trade Ministry reports

The Trade Ministry spokesperson Choi Nam-ho speaks at an emergency meeting on Sunday with domestic oil refiners and state-run operators to discuss import of domestic crude oil and gas amid ongoing attacks from Yemen’s Iran-aligned Houthi rebels in the Red Sea. [NEWS1]

There have been “no disruptions” in the import of domestic crude oil or liquified natural gas (LNG) amid ongoing attacks from Yemen’s Iran-aligned Houthi rebels in the Red Sea, the Ministry of Trade, Industry and Energy said Sunday.

The Trade Ministry held an emergency meeting on Sunday afternoon to inspect shipping operations for crude oil and LNG with the state-run operators Korea National Oil Corporation and Korea Gas Corporation, as well as oil refiners SK Energy, GS Caltex, S-Oil and HD Hyundai Oilbank.

The ministry reported there have been no setbacks on crude oil and gas import and that oil tankers and transport ships sailing or loading near the Middle East are operating normally.

At the meeting, the ministry emphasized tighter communication within the industry to promptly address and prepare for the rapidly changing situation to prevent putting further burdens on the public from a potential energy supply crises.

The Brent crude oil price on Friday rose 1.1 percent to $78.29 per barrel compared to the previous trading day. The future direction of oil prices is expected to depend on the responses from key countries such as the United States and Iran.

“The Middle East is a significant region for Korea’s energy security, supplying 72 percent of the country’s imported oil,” said Choi Nam-ho, spokesperson for the Trade Ministry. “The government, related agencies and companies will closely coordinate to ensure this has a minimal impact on the daily lives of our citizens amid the recent situation.”

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]