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South China Morning Post
South China Morning Post
International · 4 hrs ago
75◉ Centre
South Korea draws Gulf oil storage interest as Hormuz stays closed
75Accuracy
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Accuracy 75/100
Partisan intensity 25/100
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◉ Centre ✓ Fair headline

South Korea's large petroleum reserves are attracting interest from Middle Eastern oil producers seeking storage capacity due to disruptions in the Strait of Hormuz caused by the US-Israel conflict with Iran.

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South Korea draws Gulf oil storage interest as Hormuz stays closed
South Korea is drawing growing interest from Middle Eastern oil producers seeking to store crude oil at the country’s petroleum reserve bases, the world’s sixth largest, amid a prolonged blockade of the Strait of Hormuz, a South Korean official and an expert on the matter have said. The strait’s closure in the wake of the US-Israel war on Iran has taken a toll not only on South Korea and other nations dependent on oil imports but also oil-producing countries whose storage tanks are filling up...
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