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