Energy supply yet to suffer disruption amid Mideast tensions: South Korea
Seoul: South Korea's energy supply has yet to experience any disturbance from the Israel-Iran conflict, Seoul's industry ministry said on Thursday, noting it is maintaining an emergency mode in response to escalating tensions in the Middle East.
The Ministry of Trade, Industry and Energy held an emergency meeting with officials from the local refinery industry to check the supplies and prices of oil and gas and discuss response measures to uncertainties stemming from the Middle East, reports Yonhap news agency.
The ministry said Seoul has not received any reports of disruption in imports of oil and liquefied natural gas (LNG), and that all Korean oil tankers and LNG carriers around the affected region are under normal operation.
Korea currently has oil reserves that could last approximately 200 days and gas reserves exceeding the legally mandated level, the ministry explained.
The government will prepare responses to possible situations that could affect Korea's energy supply, such as closure of the Hormuz Strait, while working to stabilize energy prices, it added.
Global oil prices had surged over 20 percent to US$76.70 per barrel as of Wednesday compared with end-May, according to the ministry, after Israel conducted pre-emptive airstrikes on Iranian military and nuclear facilities, and Iran hit back.
To cushion the blow, the Seoul government decided earlier this week to extend its fuel tax cuts, originally set to end in June, through August.
It also plans to conduct on-site inspections to crack down on the sale of counterfeit petroleum products.
"We will do our best to minimize the impact of Middle East tensions on domestic oil and gas supplies and their prices," said Yoon Chang-hyun, director general for resources industry policy at the ministry.
Meanwhile, South Korea has won a 52 million-euro ($59.6 million) deal to supply a key component for the construction of an international experimental fusion reactor being built in France, the science ministry here said.
A memorandum of understanding (MOU) has been signed to provide power supply systems for the reactor, part of Seoul's continued contribution to the International Thermonuclear Experimental Reactor (ITER) project, according to the Ministry of Science and ICT.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
8 minutes ago
- Indian Express
‘Second time my son's wedding cancelled': Netanyahu says his family not exempt from ‘personal costs' amid Israel-Iran conflict
Amid the ongoing Israel-Iran tensions, Prime Minister Benjamin Netanyahu provided the example of his son's postponed wedding in an attempt to drive home the point of 'personal costs' during conflict situations, and highlight that even his family 'has not been exempt'. Speaking from outside Soroka Medical Center in Beersheba — struck earlier by an Iranian missile — Netanyahu on Thursday said the ongoing war was affecting every Israeli family, including his own. 'It really reminds me of the British people during the blitz. We are going through a blitz,' Netanyahu said, referring to the current conflict in context to the World War II bombing of Britain which claimed the lives of over 40,000 civilians. 'There are people who were killed, families who grieved loved ones, I really appreciate that,' he added. 'Each of us bears a personal cost, and my family has not been exempt,' he continued. 'This is the second time that my son Avner has cancelled a wedding due to missile threats. It is a personal cost for his fiancée as well, and I must say that my dear wife is a hero, and she bears a personal cost.' Avner Netanyahu's wedding was first scheduled for November but was postponed due to security reasons. It had been rescheduled for this Monday, despite ongoing tensions and threats of protests. According to The Guardian, reports that Netanyahu planned to take a short leave from official duties for the ceremony may have contributed to a false sense of calm in Tehran ahead of Israel's aerial strike. The prime minister's remarks, intended to show solidarity with Israeli citizens, instead drew sharp criticism from the public and the political spectrum. Anat Angrest, whose son Matan has been held hostage in Gaza since the Hamas attack on 7 October 2023, responded: 'I have been in the hellish dungeons of Gaza for 622 days now,' she wrote on social media, adding that the Netanyahu family's suffering 'didn't go unnoticed by my family either.' Gilad Kariv, a Knesset member with the Democrats, called Netanyahu a 'borderless narcissist.' He also challenged Netanyahu's praise of his wife Sara as a 'hero,' stating, 'The doctors who leave home for night shifts are the heroes. The teachers who keep our children together on Zoom and phone calls are the heroes.' As the two sides continue to trade strikes for the seventh straight day, Netanyahu said he trusted that Trump would 'do what's best for America'. 'I can tell you that they're already helping a lot,' he said. This comes as a new diplomatic initiative appeared to be underway as Iran's Foreign Minister Abbas Araghchi prepared to travel Friday to Geneva for meetings with the European Union's top diplomat and counterparts from the United Kingdom, France and Germany. On Thursday, President Donald Trump said he will decide within two weeks whether the US military will get directly involved in the conflict between the two longstanding foes, given the 'substantial chance' for renewed talks with Iran over its nuclear programme. So far, at least 639 people — including 263 civilians — have been killed in Iran, with more than 1,300 injured, according to a Washington-based Iranian human rights group. Israeli officials estimate that Iran has launched roughly 450 missiles and 1,000 drones. Most have been intercepted, but at least 24 Israelis have died and hundreds more have been injured, the military had said. (With inputs from The Guardian)
&w=3840&q=100)
Business Standard
10 minutes ago
- Business Standard
Hezbollah chief vows all forms of support to Iran amid conflict with Israel
Hezbollah leader Sheikh Naim Qassem has pledged "all forms of support" to Iran in its fight against Israel and the United States, saying Iran's nuclear program is peaceful and aims to serve its people, The Jerusalem Post reported. In a speech on Thursday night, Qassem said, "It does not harm anyone in the slightest way; rather, it represents a great scientific contribution to the advancement of Iran and the region, relying on its own capabilities without foreign tutelage." He accused the world of opposing Iran not because of its nuclear programme, but because it stands for "faith, knowledge, and freedom" and benefits "the oppressed." Qassem also criticised US President Donald Trump for threatening to attack Iran, saying, "America is leading the region into chaos and instability, and the world into open crises," The Jerusalem Post reported. "America is leading the region into chaos and instability, and the world into open crises, and will only bring it shame, disgrace, and failure. Iran has the right to defend itself, and the peoples of the region and the free people of the world have the right to stand with the great leader and with Iran in one trench," he continued as reported by The Jerusalem Post. He also reaffirmed Hezbollah's commitment to standing alongside Iran against the United States in this conflict, stating, "We stand with our independence, the liberation of our land, and the freedom of our decisions and choices." Reaffirming Hezbollah's alignment with Tehran, Qassem urged support for Iran's Supreme Leader Ayatollah Khamenei. "We call on all free people, the oppressed, the resistance fighters, scholars, and those with sound opinions to raise their voices loudly and demonstrate strength, courage, and support by rallying around the noblest and most honorable leadership of Imam Khamenei," he said. Meanwhile, US Special Envoy for Syria and Ambassador to Turkey, Thomas Barrack, issued a stern warning to Hezbollah against joining the conflict. During his visit to Beirut on Thursday, Barrack said it would be "a very, very, very bad decision" for Hezbollah to enter the war, as reported by The Jerusalem Post. After meeting Lebanese Parliament Speaker Nabih Berri, a Hezbollah ally, Barrack told reporters, "I can say on behalf of President Trump, which he has been very clear in expressing, as has Special Envoy Steve Witkoff: that would be a very, very, very bad decision." The United States continues to urge Lebanon to disarm Hezbollah as the Iran-Israel conflict deepens. Adding to the signals from Washington, White House Press Secretary Karoline Leavitt said on Thursday (local time) that President Donald Trump will decide within the next two weeks whether the United States will join Israel in its ongoing war with Iran, while leaving open the possibility of diplomatic engagement with Tehran. Addressing a briefing at the White House, Leavitt read out a statement from President Trump, who acknowledged the potential for diplomatic negotiations despite the escalating conflict in the Middle East. "Based on the fact that there's a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks," Leavitt quoted the President as saying. Leavitt also reiterated the administration's stance on Iran's nuclear program. In response to a question about the contours of any possible deal with Iran, Leavitt said, "No enrichment of Uranium and... Iran is absolutely not able to achieve a nuclear weapon. The President has been very clear about that." The remarks come amid heightened tensions following nearly a week of military strikes between Israel and Iran. President Trump, speaking on Wednesday, dismissed suggestions that he had already approved a military plan and reiterated his preference for a diplomatic resolution. "I'm not looking to fight. But if it's a choice between fighting and having a nuclear weapon, you have to do what you have to do," Trump said. Tensions between Israel and Iran escalated on June 13 when Israel launched operation "Rising Lion," targeting Iran's nuclear infrastructure. Iran responded with retaliatory strikes.
Time of India
10 minutes ago
- Time of India
'Son's wedding cancelled for second time': Netanyahu shares 'personal cost' of war with Iran; sparks backlash
Standing before the shattered facade of Soroka Medical Center in Beersheba, Israeli Prime Minister Benjamin Netanyahu delivered a sombre message invoking the spirit of wartime London during the Blitz. But rather than rally national unity, his comments – referencing his son Avner's postponed wedding – sparked widespread backlash online and among his critics. 'It really reminds me of the British people during the Blitz. We are going through a blitz,' Netanyahu said, seeking to draw a parallel between the Nazi bombing of Britain and the ongoing Israeli-Iranian conflict. He then spoke of the 'personal cost' his family has borne, saying Avner's wedding had been postponed for the second time due to missile threats. 'This is the second time that my son Avner has cancelled a wedding due to missile threats. It is a personal cost for his fiancee as well, and I must say that my dear wife is a hero, and she bears a personal cost,' he said. Critics seized on his remarks as tone-deaf, accusing the prime minister of being emotionally detached from the war's daily toll, which has left 24 Israeli civilians dead and many more wounded. Iran's death toll is far higher, with a Washington-based rights group reporting at least 657 killed, including 263 civilians, and over 2,000 injured. The war began with a wave of surprise Israeli airstrikes on June 13 targeting Iran's nuclear facilities, key military personnel, and infrastructure. In retaliation, Iran launched over 450 missiles and 1,000 drones, striking multiple Israeli cities. A missile hit Soroka hospital on Thursday morning, injuring around 80 people and damaging critical infrastructure. While Iran claimed the intended target was a nearby Israeli military tech unit, Israeli officials said there was no intelligence suggesting the hospital was deliberately hit. Netanyahu, speaking amidst the rubble, also praised President Trump's ongoing support. 'I can tell you that they're already helping a lot,' he said, expressing trust in the US to 'do what's best for America.' The White House confirmed that Trump would make a decision on possible direct action against Iran within two weeks. Press Secretary Karoline Leavitt said ongoing negotiations with Tehran include demands for a complete halt to uranium enrichment and the dismantling of its nuclear programme. Meanwhile, Israeli airstrikes have reportedly reached deep into Iran, including targets in Rasht and Isfahan. Iran's defensive capabilities were visibly strained, and with Hezbollah weakened and Syria's former president Assad ousted in late 2024, Tehran appears increasingly isolated. Iran has also threatened to disrupt global trade through the Strait of Hormuz, warning of economic repercussions if the war continues.
