Lee's chief of staff to visit Kazakhstan, Oman, Saudi Arabia to secure additional crude oil, naphtha supplies

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Lee's chief of staff to visit Kazakhstan, Oman, Saudi Arabia to secure additional crude oil, naphtha supplies

Kang Hoon-sik, center, presidential chief of staff, speaks at a press briefing on the Middle East situation at the Blue House in central Seoul on April 7. [JOINT PRESS CORPS]

Kang Hoon-sik, center, presidential chief of staff, speaks at a press briefing on the Middle East situation at the Blue House in central Seoul on April 7. [JOINT PRESS CORPS]

The Blue House chief of staff said on Tuesday that he will visit Kazakhstan, Oman and Saudi Arabia as a special presidential envoy this week in an effort to secure additional crude oil and naphtha supplies amid concerns over the prolonged Middle East conflict.
 
Kang Hoon-sik, President Lee Jae Myung's top aide, said in a press briefing at the Blue House in central Seoul that he was scheduled to depart on Tuesday evening as a special envoy for strategic economic cooperation to visit the three countries, all major oil producers, accompanied by relevant officials, including from the Ministry of Trade, Industry and Energy and domestic energy companies.
 

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"We plan to closely consult with companies importing oil and naphtha to ensure that high-level government consultations do not end in empty words, and we will spare no efforts until oil tankers or petroleum product carriers arrive at our ports," Kang said, addressing energy supply shortages as the Strait of Hormuz is effectively closed off following the U.S.-Israeli strikes on Iran and Tehran's retaliatory attacks.
 
"While it is true that there are difficulties regarding the supply and demand of oil and naphtha, as our economy relies heavily on imports from the Middle East, our government is making all-out efforts to stabilize the supply and prices of key items essential to people's lives, such as petroleum products, pharmaceuticals and energy supplies," Kang continued.
 
Naphtha is a petroleum-based raw material used to make plastics and other goods.
 
Last month, Kang visited the United Arab Emirates as a presidential special envoy and announced afterward that a total of 24 million barrels of crude oil had been secured from the Gulf nation through his visit.
 
During Tuesday's press conference, Kang, noting Korea's dependence on crude oil and naphtha imports through the Strait of Hormuz, emphasized the government's "efforts to secure alternative supply lines are urgently needed until the situation in the Middle East is completely resolved."
 
According to the chief of staff, the Blue House has been operating an emergency economic situation room since March 25, with three economic review meetings — presided over by Lee — taking place "in response to signs that the military conflict is escalating and becoming prolonged."
 
The Korean government is "mobilizing all available policy measures to ensure the stable supply of pharmaceuticals, medical devices and medical products," said Kang, as well as prioritizing the supply of raw materials such as naphtha, plastics and resins to manufacturers of intravenous fluids, packaging materials and syringes. He added that the government is also implementing measures to "eradicate illegal activities, including price gouging, that disrupt market order."
 
Kang stated that the government is monitoring the supply and price trends of key items such as urea solution, paint and garbage bags through a "real-time traffic light system," and that when abnormal signs are identified, it will "comprehensively seek solutions by examining whether there are issues in the distribution stage, what alternative supply lines exist and whether there are possible regulatory easing measures to ensure rapid supply."
 
Kang Hoon-sik, left, presidential chief of staff, and Kim Yong-beom, presidential chief of staff for policy, take part in a press conference on the Middle East situation at the Blue House in central Seoul on April 7. [JOINT PRESS CORPS]

Kang Hoon-sik, left, presidential chief of staff, and Kim Yong-beom, presidential chief of staff for policy, take part in a press conference on the Middle East situation at the Blue House in central Seoul on April 7. [JOINT PRESS CORPS]

Regarding the 26 Korean-flagged vessels waiting to navigate through the Strait of Hormuz, he said that Seoul is "devising measures to ensure their safe passage through the strait while taking into account the shipping companies' positions and the framework of international cooperation," stressing that "the safety of the crew members on board is the top priority."
 
The aide then urged the public to "trust the government's efforts and continue with their normal daily economic activities" and warned against disinformation, as the "dissemination of fake news and fabricated information that exploits the crisis to cause anxiety among the public is a serious crime."
 
Kang said that if such illegal activities are confirmed, the government will "take strict measures, such as filing criminal charges."

BY SARAH KIM [[email protected]]
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