SEOUL: South Korea is close to securing crude oil supplies from Kazakhstan, the industry minister said on Sunday, as the country looks for alternative energy sources amid the war in the Middle East.
“There has been quite (some) progress, so we should be able to announce specific amounts and details early next week,” Industry Minister Kim Jung-kwan said in an interview with local broadcaster KBS.
Earlier this month, presidential chief of staff Kang Hoon-sik travelled with Kim to Kazakhstan, Oman and Saudi Arabia to secure supplies of crude oil and naphtha amid disruptions to shipping through the Strait of Hormuz.
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“Kazakhstan might sound very far, but it actually takes about the same time with shipments from the US About 50 to 60 days,” Kim said, adding that the recent visit to the central Asian country was aimed at diversifying oil supplies in the long run.
South Korea, which is almost entirely dependent on imports for its energy with 70% of oil purchases coming from the Middle East, also secured a pledge last month from the United Arab Emirates to supply 24 million barrels of crude oil.
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