South Korea is close to finalising an agreement to import crude oil from Kazakhstan, according to Industry Minister Kim Jung-kwan, as the country seeks to diversify its energy supplies amid disruptions in the Middle East, he said on Sunday, 12 April, according to Reuters.
The minister told the South Korean broadcaster KBS that negotiations had reached a “significant level of progress”, adding that detailed volumes and terms could be announced as early as next week. His remarks come as Seoul reassesses the resilience of its energy supply chains, which remain heavily exposed to geopolitical risks in key transit regions.
At the beginning of the month, Chief of Staff to the Presidential Office Kang Hoon-sik, together with the Minister of Industry, visited Kazakhstan for talks focused on securing supplies of crude oil and naphtha. The visit came as part of efforts to mitigate risks linked to disruptions in shipping through the Strait of Hormuz, one of the world’s most critical energy transit routes.
Kim noted that while Kazakhstan may appear geographically distant from South Korea’s traditional suppliers, delivery times are broadly comparable to shipments from the United States, averaging around 50-60 days. The visit, he said, was aimed not at short-term fixes but at establishing a longer-term framework for the diversification of crude oil imports.
South Korea remains almost entirely dependent on imported energy, with roughly 70% of its crude oil imports traditionally sourced from the Middle East. In recent months, Seoul has also strengthened its supply ties with Gulf producers, including a commitment from the United Arab Emirates to supply 24 million barrels of crude oil.
The renewed focus on alternative suppliers is also being shaped by regulatory and geopolitical developments around the Strait of Hormuz. Iran has introduced a classification system for transit rights through the waterway, dividing countries into “neutral”, “friendly” and “hostile” categories, with the latter potentially facing restrictions on passage. The Strait has historically carried around 20% of global oil trade, making it a critical pressure point for international energy markets.
Iran’s measures have heightened concerns among energy importers, prompting broader reassessments of supply routes not only in Seoul but also in other major Asian economies.
Japan, which sources more than 90% of its oil imports from the Middle East, is also exploring alternative supply configurations. Japanese energy company INPEX is reportedly considering redirecting part of its crude flows from Kazakhstan and Azerbaijan towards the domestic market, reflecting similar strategic calculations in Tokyo.
However, rerouting shipments away from traditional Middle Eastern corridors comes with logistical and financial costs. For Japan, such adjustments around the Strait of Hormuz can extend delivery times to as much as 55-60 days compared with around 20 days under standard routes, adding pressure on supply chains and contributing to broader volatility in global energy markets.
U.S. federal prosecutors have charged six people over an alleged scheme that arranged hundreds of fraudulent ma...
Türkiye, Qatar, Pakistan and Indonesia have signed a new defence industry agreement in Doha, bringing existing military projects under a share...
Georgia's Constitutional Court has begun hearing a landmark case that could see five opposition parties banned following a legal challenge by t...
Ukrainian President Volodymyr Zelenskyy has arrived in Norway for talks about the Russia-Ukraine war. He is expected to meet with U.S. President Donald Trump's Special Envoy Steve Witkoff, who arrived in Oslo earlier. Witkoff will also meet European officials.
Iranian Foreign Minister Abbas Araghchi said regional issues should be resolved through diplomacy and blamed the United States for insecurity and tensions in the Strait of Hormuz, speaking at a joint news conference with Russian Foreign Minister Sergey Lavrov on Monday.
Yemen's Houthis have denied targeting the holy city of Medina on Wednesday adding that they have not conducted any military operations towards Saudi Arabia either, denying earlier comments from the Saudi-led coalition in Yemen.
U.S. envoy Steve Witkoff is meeting Russian President Vladimir Putin in St. Petersburg, with discussions focused on the war in Ukraine and the prospects for progress in ongoing diplomatic efforts.
French authorities imposed local curfews in parts of Paris, Lille and Nice on Monday after a weekend of riots and looting linked to nationwide anti-government protests, as the government faced mounting criticism over security failures.
Georgia's Constitutional Court has begun hearing a landmark case that could see five opposition parties banned following a legal challenge by the ruling Georgian Dream party. Hearings are ongoing and expected to continue until at least Friday.
Türkiye has welcomed Libya's parliamentary approval of a disputed maritime agreement, despite strong opposition from the European Union, which says the deal violates international maritime law.
Yemen's Houthis have denied targeting the holy city of Medina on Wednesday adding that they have not conducted any military operations towards Saudi Arabia either, denying earlier comments from the Saudi-led coalition in Yemen.
The United Nations warned on Tuesday that 19.2 million people in Afghanistan could face acute food insecurity this winter, as families struggle to afford food despite an increase in wheat production.
Georgia’s Constitutional Court in Batumi will on Wednesday hear a lawsuit seeking to ban five Georgian opposition parties, four of which collectively gained 784,820 votes (37.79 per cent) in the country’s last national elections in 2024.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment