South Korea’s Industry Minister Kim Jung-kwan announced Sunday that his country is on the verge of finalizing crude oil supply agreements with Kazakhstan, as the nation seeks to reduce its reliance on Middle Eastern energy sources during ongoing regional conflicts.
Speaking with local broadcaster KBS, Kim revealed that negotiations have advanced significantly. “There has been quite (some) progress, so we should be able to announce specific amounts and details early next week,” the minister stated during the television interview.
The announcement follows a diplomatic mission earlier this month where Kim, accompanied by presidential chief of staff Kang Hoon-sik, visited Kazakhstan, Oman, and Saudi Arabia. Their goal was to establish new sources for crude oil and naphtha as shipping routes through the Strait of Hormuz face potential disruptions.
Kim addressed concerns about the distance involved in sourcing oil from the Central Asian nation, explaining that delivery times would be comparable to existing arrangements. “Kazakhstan might sound very far, but it actually takes about the same time with shipments from the U.S. About 50 to 60 days,” he noted, emphasizing that the initiative represents a long-term strategy for supply diversification.
The energy security efforts reflect South Korea’s vulnerable position as a nation that imports nearly all of its energy needs, with approximately 70% of its oil purchases currently originating from Middle Eastern countries. The country has already made progress in securing alternative supplies, having obtained a commitment from the United Arab Emirates last month for 24 million barrels of crude oil.
