Socotra Rock

— In January, the South Korean Navy began construction on a $970 million base in Gangjeong. Once completed in 2014, it will be home to 20 warships, including submarines, that the navy says will protect shipping lanes for South Korea’s export-driven economy, which is dependent on imported oil. It will also enable South Korea to respond quickly to a brewing territorial dispute with China over Socotra Rock, a submerged reef south of Jeju that the Koreans call Ieodo. Both sides believe it is surrounded by oil and mineral deposits.