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South Korea Awaits Iran's Official Request for Hormuz Strait Transit Fees

A South Korean official stated the country has not received any official request from Iran regarding transit fees for passage through the Strait of Hormuz. The government is working to understand the situation on the key shipping route while communicating with Iran. Authorities have secured significant alternative crude oil supplies for April and May to mitigate potential disruptions. Supplies of industrial materials and daily necessities are currently facing no major issues.

Key Points: S. Korea: No Official Iran Request for Hormuz Transit Fees Yet

  • No official fee request from Iran
  • Government assessing situation
  • Fuel prices could rise 1%
  • Securing alternative crude supplies
  • Foreign ministry in communication
2 min read

S. Korea yet to receive request for fee for transit through Strait of Hormuz

South Korea says it has received no formal request from Iran for transit fees in the Strait of Hormuz, while securing alternative oil supplies.

"There has been no request from Iran for transit fees or payments - Yang Ghi-wuk"

Seoul, April 9

South Korea has yet to receive any official request from Iran on fees for passage through the Strait of Hormuz, a Seoul official said on Thursday, adding that the government is still working to identify the situation surrounding the major shipping route amid a fragile two-week ceasefire between the United States and Iran.

"There has been no request from Iran for transit fees or payments," Yang Ghi-wuk, deputy minister for trade, industry and resource security, said in a regular press briefing on energy supply, when asked about media reports that Iran is demanding fees in cryptocurrency or Chinese yuan for ships passing through the strait.

It is too early to determine whether Iran would actually charge fees and how the international community would respond to such a move, Yang explained, noting that domestic fuel prices may go up by up to 1 percent should such fees be charged, reports Yonhap news agency.

Regarding the status of the Hormuz strait and conditions for safe passage, the deputy minister said the foreign ministry was trying to communicate with Iran on the matter but that he has not yet been informed of any meaningful progress.

The government is continuing its efforts to secure alternative crude supplies, with 50 million barrels secured for April and 60 million barrels for May, according to Yang. Supplies for the following months are also being secured.

The volumes secured for April and May account for about 60 percent and 70 percent, respectively, of the usual monthly import level of 80 million barrels, the trade ministry said earlier.

Supplies of materials for industries and daily necessities, such as helium, ethylene gas and others, are facing no major disruptions, according to the ministry.

- IANS

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Reader Comments

P
Priya S
Interesting that they're talking about payment in cryptocurrency or Chinese Yuan, not US dollars. Shows how global financial dynamics are shifting. Hope our policymakers are watching this closely for its long-term implications on trade and currency reserves.
R
Rohit P
A 1% fuel price hike in South Korea might not sound like much, but it adds up for consumers. If this becomes a precedent, every country with a strategic strait might start charging. Bad news for everyone's pocket. 🛢️
S
Sarah B
While Iran has the right to regulate its territorial waters, unilateral fees on international shipping lanes could violate UNCLOS. The international community needs a united response. Diplomacy is key here, not escalation.
V
Vikram M
Good to see South Korea is securing alternative supplies. That's the smart move. India should also diversify its crude oil sources and not be overly dependent on any single region. Energy security is national security.
K
Karthik V
The article says "fragile two-week ceasefire". That's the real issue. These geopolitical tensions in the Middle East keep disrupting global supply chains. We need lasting peace, not just temporary pauses. It affects economies worldwide, including ours.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

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