Post #5921

🇰🇷🇰🇿Seoul Near Deal on Kazakh Oil Supplies South Korea's Industry Minister Kim Jung-kwan said the country is close to finalizing crude oil supplies from Kazakhstan, with specific volumes and terms expected to be announced early the following week. The statement came after South Korea's presidential chief of staff Kang Hoon-sik and Minister Kim travelled to Kazakhstan earlier in April to secure supplies of crude oil and naphtha. The diplomatic mission was prompted by disruptions to shipping through the Strait of Hormuz. Kim noted that transit times for Kazakh shipments are comparable to those from the United States, at approximately 50 to 60 days. South Korea sources 70% of its oil imports from the Middle East and is almost entirely dependent on imports for its energy needs. The country separately secured a pledge from the United Arab Emirates last month to supply 24 million barrels of crude oil. #SouthKorea#Kazakhstan @asianomics