Category: Korea-General Topics

President Lee can rest easy that he can take emergency actions without worrying about getting impeached unlike what happened to former President Yoon:

President Lee Jae Myung on Tuesday instructed senior officials to take bold measures to address concerns over the energy situation caused by the war in the Middle East, saying the government may issue an emergency economic decree if necessary.

“South Korea, which is highly dependent on external markets and relies heavily on energy supplies from the Middle East, requires more thorough inspections and detailed emergency measures,” Lee said during a Cabinet meeting.

Lee urged all relevant ministries to closely monitor the situation and take “preemptive and bold action” to ease concerns over potential disruptions of energy supply.

“Key raw materials, such as urea solution, helium and aluminum, should be strictly managed at levels equivalent to wartime supplies,” he said.

Yonhap

You can read more at the link.

If Iran remains a threat in the long term to shutdown the Strait of Hormuz whenever they feel like it, I think coal is going to become an increasingly popular power option until more nuclear plants can come on line:

Korea will delay the shutdown of coal-powered power plants as the government scrambles to secure electricity supplies amid an escalating energy crisis triggered by the conflict in the Middle East.

Speaking to The Korea Times on Monday, a senior official at the Ministry of Climate, Energy and Environment said the ministry will extend the operations of three coal-fired power stations that had been scheduled to close this year.

“The timetable for closing them is being rescheduled,” the official said.

Korea Times

You can read more at the link.

One Korean Middle East expert is calling for Korea to send troops and ships to assist Gulf Arab allies to reopen the Strait of Hormuz:

Korea risks undermining its defense export ambitions in the Middle East if it fails to support key Gulf partners during the current conflict, a Middle East expert warned, arguing that trust built in times of crisis, not just technology, determines future arms deals

Jang Ji-hyang, a principal fellow and director of the Center for Regional Studies at the Asan Institute for Policy Studies, said Seoul has focused too narrowly on its alliance with the United States and its role as a middle power, while overlooking its strategic ties with the United Arab Emirates and Saudi Arabia.

Korea Times

You can read the whole interview at the link, but something the Gulf Arab countries could use would be for Korea to send air defense units to help them defend against the drones they have been dealing with. This would show proactive support to the Gulf Arab countries while not being involved in active offensive operations against the Iranians if Korea wants to continue to hedge on this war.

As the war with Iran drags on more governments are going to have to implement fuel saving policies like this:

The government will strictly enforce a mandatory five-day vehicle rotation system for the public sector to respond to possible oil supply disruption amid persisting tensions in the Middle East while implementing additional energy-saving measures, the climate ministry said Tuesday. 

Starting Wednesday, the government will beef up monitoring of the public sector’s compliance with the license plate-based rationing system, under which cars are divided into five groups based on the last digit of their license plate numbers and each group is prohibited from driving on a designated weekday, according to the Ministry of Climate, Energy and Environment. 

The system has been in place but run loosely. Electric and hydrogen vehicles are exempt from such restrictions.

Yonhap

You can read more at the link.

This is probably going to be happening across the world as the war with Iran drags on:

The government said Thursday it will implement a temporary fuel price cap system starting at midnight to help ease cost burdens amid supply concerns over the ongoing Middle East crisis, officials said Thursday. 

The government announced the plan at a task force meeting of ministers in charge of managing market prices, as domestic fuel prices have fluctuated since the United States and Israel launched airstrikes against Iran late last month.

It marks the first time since 1997 that South Korea is enforcing the price ceiling system using a provision in the Petroleum Business Act that allows the industry minister to designate a maximum sales price when oil prices fluctuate sharply and threaten economic stability.

Under the price cap system, the government will set maximum prices for oil products South Korean oil refineries supply to gas stations and distributors, according to the Ministry of Trade, Industry and Resources. 

The ministry said it has decided to apply the price ceiling on supplies by oil refineries, not the retail prices at gas stations, considering that retail prices vary widely by region and business strategy and operating practices of gas stations.

The maximum price will be calculated by multiplying the weekly average supply prices of regular gasoline, diesel and lamp oil products, and the adjustment rate of the Mean of Platts Singapore (MOPS), added with related taxes. MOPS is a benchmark price for petroleum products across the Asia-Pacific region. 

The initial price cap will be set at 1,724 won (US$1.17) per liter for regular gasoline, 1,713 won per liter for diesel and 1,320 won per liter for lamp oil.

Yonhap

You can read more at the link.

This is some great advertising for Korea’s defense industry:

As Iranian forces launched retaliatory strikes across the Middle East following Saturday’s U.S. and Israeli airstrikes on Iran, the United Arab Emirates turned to South Korea’s Cheongung-II surface-to-air missile system to help intercept incoming attacks, according to officials familiar with the matter. 

The system, sold to the UAE in recent years as part of Seoul’s expanding defense exports, has been integrated into the country’s broader air defense network. 

The interception marks the first combat use of a South Korean-made air defense weapon deployed overseas, underscoring the country’s expanding arms exports to the Middle East and offering a rare glimpse of the system’s performance in combat.

Korea Times

You can read more at the link.