South Korea's Finance Minister Koo Yun-cheol has appealed to Gulf Cooperation Council (GCC) member states to ensure a stable supply of critical energy resources, such as crude oil and liquefied natural gas (LNG), as well as essential industrial raw materials including naphtha and urea.
In a statement released on Sunday, the South Korean government stated that Minister Koo met with ambassadors from the six GCC nations on Friday to jointly assess the economic repercussions of the ongoing Middle East conflict.
The discussions also covered global economic security cooperation and potential disruptions to energy supplies.
The ambassadors reaffirmed that South Korea is a priority partner and pledged to maintain close communication to help ensure supply stability.
Minister Koo noted that while the trajectory of the conflict remains difficult to predict, he warned that a prolonged war could inflict more severe negative impacts on the South Korean economy. Approximately 70% of South Korea's crude oil imports originate from the Middle East, with over 95% of that volume requiring transit through the Strait of Hormuz.
He also outlined the measures already implemented by the South Korean government, which include a fuel price cap, fuel tax reductions, and a supplementary budget of 26 trillion won.
Both sides agreed that close cooperation during the crisis is crucial, and that private economic activities should continue even amid heightened geopolitical tensions.
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