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Alberta, South Korea reach deal to eliminate 3% tariff on crude exports
The agreement is expected to open more market access for Alberta producers and could lift annual crude exports to South Korea to $1 billion, officials said.
- On Monday, Alberta Premier Danielle Smith signed a joint statement with South Korea to eliminate a 3 percent tariff on crude oil exports from the energy-rich province.
- Alberta exporters previously struggled to receive preferential treatment under the existing free trade agreement with Seoul due to structural difficulties in proving product origin.
- Removing the tariff could increase annual crude exports to between $400 million and $1 billion, up from nearly $400 million shipped to South Korea last year.
- South Korea intends to use this agreement to diversify energy sources and strengthen national energy security, addressing oil shortages triggered by the ongoing Middle East crisis.
- Smith aims to double provincial oil and gas production by 2035, seeking increased pipeline capacity to access new markets across the Pacific region and beyond.
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Alberta Signs Deal With South Korea to Waive Crude Oil Tariffs
Alberta Premier Danielle Smith has signed a deal with South Korea to remove a 3 percent tariff on the province’s exports of crude oil to the country. Smith said the agreement could significantly expand market access for Alberta producers, projecting exports to South Korea could rise to as much as 33 million barrels per year, generating up to $1 billion annually in additional export value. The announcement comes as Alberta continues to benefit fr…
·New York, United States
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The Toronto Star+9 Reposted by 9 other sources
Alberta, South Korea reach deal to eliminate three per cent tariff on crude exports
EDMONTON - Alberta Premier Danielle Smith has signed a joint statement with South Korea to waive a three per cent tariff on crude exports from the oil-rich province.
·Toronto, Canada
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Total News Sources18
Leaning Left8Leaning Right2Center3Last UpdatedBias Distribution62% Left
Bias Distribution
- 62% of the sources lean Left
62% Left
L 62%
C 23%
15%
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