South Korea has secured 273 million barrels of crude oil and 2.1 million tonnes of naphtha through the end of 2026, all routed through alternative shipping lanes that bypass the Strait of Hormuz — the narrow waterway connecting the Persian Gulf to the Arabian Sea — which has been effectively closed since a US military conflict with Iran began in late February. Presidential chief of staff Kang Hoon-sik announced the agreements on Wednesday following an eight-day diplomatic mission to Kazakhstan, Oman, Saudi Arabia and Qatar, describing the trip as an urgent response to what he called an economic emergency.
The secured crude volumes are sufficient to sustain South Korea's economy for more than three months under normal operating conditions, based on last year's consumption, while the naphtha — a key petrochemical feedstock used in plastics and industrial manufacturing — covers roughly one month of imports. Saudi Arabia, South Korea's largest crude supplier, committed to the largest share: 200 million barrels to be prioritised for Korean companies between June and December, plus 50 million barrels to be shipped in April and May through an alternative Red Sea port. Oman pledged 5 million barrels of crude and up to 1.6 million tonnes of naphtha, while Kazakhstan — whose exports do not transit the Strait of Hormuz — agreed to supply 18 million barrels, cementing its role as a reliable alternative source.
The diplomatic mission also addressed longer-term vulnerabilities. Seoul held talks with Saudi Arabia and Oman on constructing bypass pipelines and building oil storage facilities outside the Strait of Hormuz, with South Korea offering to expand joint stockpiling arrangements backed by additional domestic funding. In Qatar — a major supplier of liquefied natural gas (LNG), the chilled form of natural gas transported by ship — Korean officials met Emir Sheikh Tamim bin Hamad Al Thani and sought reassurance over LNG deliveries after Doha declared force majeure on long-term contracts following Iranian missile strikes on its facilities last month. The emir confirmed Qatar would honour its commitments, placing South Korea as a top priority.
The mission also had a consular dimension: Kang asked Oman's Deputy Prime Minister Sayyid Asa'ad bin Tariq Al Said to help secure safe passage for 26 South Korea-linked vessels currently stranded in the Strait of Hormuz. Muscat expressed willingness to cooperate. President Lee Jae-myung sent personal letters to the leaders of all four countries, expressing solidarity and calling for collective efforts to stabilise global energy supply chains.
Why this matters: South Korea, which has virtually no domestic energy production, depended on the Strait of Hormuz for 61 per cent of its crude oil imports and 54 per cent of its naphtha imports last year — making the waterway's closure an acute strategic threat. To manage domestic pressures, the government has also moved to ban hoarding of seven key petrochemical feedstocks, including ethylene, propylene and benzene, from 15 April through 30 June, prohibiting businesses from holding inventories more than 80 per cent above year-earlier levels. Together, the supply deals and emergency controls signal that Seoul is treating the energy disruption as a crisis requiring both international diplomacy and domestic management.