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South Korea close to securing oil supplies from Kazakhstan, minister says
Officials expect to announce volumes and logistics next week as Seoul seeks 24 million barrels from the United Arab Emirates and other suppliers.
- South Korea is nearing a significant oil supply agreement with Kazakhstan, acting to diversify energy sources away from the volatile Middle East and insulate its industrial sector from regional naval blockades.
- Persistent disruptions in the Strait of Hormuz threatened South Korea's energy stability, prompting the shift since the nation historically depends on the Middle East for 70% of its oil purchases.
- Industry Minister Kim Jung-kwan noted that Kazakhstan shipments involve 50 to 60-day transit times, comparable to United States imports. Authorities are simultaneously establishing a Red Sea route through the Saudi port of Yanbu.
- Kim added that the government expects to announce specific volumes and logistics details early next week, while preparing Red Sea measures including possible escort operations by the Cheonghae unit's Dae Joyoung destroyer.
- Securing "Safe Passage" alternatives remains essential to preventing a stagflationary shock to South Korea's domestic economy, building on last month's United Arab Emirates pledge for 24 million barrels of crude oil.
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Total News Sources5
Leaning Left0Leaning Right2Center3Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
C 60%
R 40%
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