▲ This file photo shows Foreign Minister Cho Hyun. (Yonhap)

FM-oil refiners

FM Cho discusses securing alternative oil supplies with local refiners

SEOUL, April 10 (Yonhap) -- Foreign Minister Cho Hyun met with officials from major local oil refiners Friday and discussed the possibility of securing alternative oil supplies to replace those from the Middle East, his ministry said.

The meeting with members of the Korea Petroleum Association, including SK Energy Co., GS Caltex Corp., S-Oil Corp. and HD Hyundai Oilbank Co., came as the Strait of Hormuz, a vital waterway responsible for 20 percent of global energy supplies, remains blocked for South Korean vessels amid the Middle East conflict.

Participating officials from refiners proposed that the government provide diplomatic support in securing alternative oil supplies, saying more active government assistance is needed to ensure a stable supply of crude oil.

They also proposed that the government share real-time information on oil market regulations at major countries.

Cho said overseas diplomatic missions are making all-out efforts to secure alternative oil supplies in cooperation with host countries, adding that work is under way with prospective oil suppliers to secure oil exports, the ministry said.

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