ASTANA – South Korea is turning to Kazakhstan and other suppliers while shifting to alternative transport routes to secure energy supplies and reduce risks related to instability in the Middle East, Presidential Chief of Staff Kang Hoon-sik announced.
Oil drilling and pipelines. Photo credit: Gary Kavanagh / Getty Images
South Korea has agreed to purchase 18 million barrels of oil from Kazakhstan as part of a broader supply deal through 2026 that also includes Oman, Saudi Arabia, and Qatar, Kazinform reported on April 15.
The agreements were discussed during a visit to Kazakhstan on April 8.
“Following negotiations with Kazakhstan, the world’s 12th-largest oil producer, an agreement was reached to supply 18 million barrels. A new channel for direct high-level cooperation between the two countries has also been established,” Kang said.
In addition to crude oil, South Korea has secured up to 2.1 million tons of naphtha.
“The purchased oil and naphtha will be supplied via alternative routes not connected to the Strait of Hormuz. This is expected to have a direct and significant impact on stabilizing the domestic market,” he noted.
South Korea also plans to import approximately 5 million barrels of oil and up to 1.6 million tons of naphtha from Oman. Saudi Arabia is expected to supply up to 200 million barrels of oil and at least 500,000 tons of naphtha.
On April 7, Reuters reported that South Korea was exploring alternative oil supply options amid disruptions in the Strait of Hormuz caused by the unstable geopolitical situation in the Middle East.
