File photo of tankers crossing Strait of Hormus
Seoul: South Korea has decided to allow crude oil tankers to sail via the Red Sea as an alternative route, amid disruptions to oil transport through the Strait of Hormuz caused by the ongoing conflict in West Asia.
Korean Minister of Trade, Industry and Energy, Lim Jung-kwan, said on Monday that the ministry will support private-sector efforts to secure additional crude oil supplies by permitting tankers that meet certain requirements to transit the Red Sea, in cooperation with the Ministry of Oceans and Fisheries.
In turn, Korea's Oceans Minister, Hwang Jung-woo, said the industry ministry has shared information on crude oil tankers with confirmed shipping contracts as of April 3, adding that his ministry has completed notifying relevant shipping companies of the approval to sail via the Red Sea route.
The Red Sea route is considered a detour via the Saudi port of Yanbu, which receives crude oil from eastern oil fields through a 1,200-kilometer pipeline.
Hwang noted that an average of 39 vessels per day are currently using the Bab Al-Mandab Strait to exit the Red Sea.
South Korea had previously recommended against using the route on March 1, immediately after the outbreak of the conflict in West Asia, but has decided to allow navigation as the crisis is expected to be prolonged.
