South Korea is close to securing crude oil supplies from Kazakhstan, as Seoul steps up efforts to diversify energy sources amid ongoing conflict in the Middle East, the countryās industry minister announced,Ā according to Reuters.
Industry Minister Kim Jung-kwan indicated that negotiations had made significant progress, adding that specific volumes and further details were expected to be announced early next week, according to remarks made in an interview with local broadcaster KBS.
The push comes after Kim and presidential chief of staff Kang Hoon-sik travelled to Kazakhstan earlier this month to secure shipments of crude oil and naphtha, as disruptions to shipping routes through the Strait of Hormuz continue to impact global supply chains.
Kim noted that although Kazakhstan may appear geographically distant, delivery timelines are comparable to shipments from the United States, typically taking around 50 to 60 days. He added that the visit was part of a broader strategy to diversify South Koreaās oil imports over the long term.
South Korea, which relies almost entirely on imported energy and sources around 70% of its crude oil from the Middle East, has been seeking to reduce its dependence on the region. Last month, the country also secured a commitment from the United Arab Emirates (UAE) to supply 24 million barrels (mmbbl) of crude oil.