ASTANA – South Korea is close to securing crude oil supplies from Kazakhstan as it seeks to diversify its energy sources amid disruptions linked to tensions in the Middle East, said Minister of Trade, Industry and Resources Kim Jeong-kwan.
Photo credit: CNBC
“There has been quite (some) progress, so we should be able to announce specific amounts and details early next week,” Kim said in an interview with local broadcaster KBS.
Earlier this month, Presidential Chief of Staff Kang Hoon-sik and Kim visited Kazakhstan to discuss potential supplies of crude oil and naphtha, aiming to reduce reliance on traditional supply routes affected by instability around the Strait of Hormuz, reported Reuters on April 12.
Kim noted that Kazakhstan, despite its geographic distance, offers shipping times comparable to those to the United States, at around 50 to 60 days. He added that the recent visit was aimed at diversifying oil supplies in the long run.
South Korea remains almost entirely dependent on imported energy, with around 70% of its crude oil sourced from the Middle East. Last month, the country also secured a commitment from the United Arab Emirates to supply 24 million barrels of crude oil.
