Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol said the government is "not considering paying tolls" regarding Iran's potential imposition of passage fees through the Strait of Hormuz.
At a comprehensive policy hearing of the National Assembly Budget and Accounts Special Committee on Wednesday, Koo drew a clear line when asked about toll payments, stating "we are not considering this at the current stage." The remarks came after Iran lifted its blockade of the strait following a two-week ceasefire with the United States, raising the possibility of fees being imposed on transiting vessels.
Koo also addressed the situation of ships stranded during the Hormuz Strait blockade. "Of the 26 stranded vessels, five are bound for Korea," he said. "Four of these are carrying oil and one is carrying automobiles."
The government is also preparing field responses for the resumption of passage. The Ministry of Oceans and Fisheries held a meeting with shipping companies Wednesday to discuss transit plans and support measures for the Strait of Hormuz. While shipping companies will develop their own operational plans, the government agreed to provide real-time safety information and vessel monitoring, as well as activate remote support systems in case of technical issues.
Regarding domestic crude oil supply, Koo said sufficient volumes have been secured through May. "Combined public and private reserves total approximately 190 million tons of crude oil," he said. "Relevant ministries are working overseas to secure additional volumes."
Meanwhile, the Budget and Accounts Special Committee saw continued clashes between ruling and opposition parties over refinery loss compensation included in the supplementary budget. While both sides agreed on the need for support, differences emerged over the transparency of specific calculation criteria and disbursement methods.
Rep. Jeon Jong-deok of the Progressive Party criticized the lack of clear standards for calculating loss amounts and allocation principles among companies. "Despite involving taxpayer money, providing blanket support without detailed criteria is essentially giving a blank check," he said. He emphasized that post-settlement methods and verification procedures should be publicly disclosed, given that loss amounts can vary significantly depending on variables such as international oil price fluctuations, exchange rates, and inventory valuation gains and losses.
In response, Minister of Planning and Budget Park Hong-geun explained that "loss compensation is not arbitrarily determined but will be calculated through standards from institutions such as the Korea Institute of Energy Technology Evaluation and Planning, with verification by an external expert committee." He added that "support will be limited to cases where actual losses are confirmed." Park drew a clear line, stating "this is not a structure that compensates for refiners' operating profits or expected profits, but rather a principle of compensating only for losses that inevitably occurred due to cost increases."