South Korea to Import Oil From Kazakhstan, but Saudi Arabia Remains the Main Supplier
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South Korea has agreed to import a total of 273 million barrels of oil from Kazakhstan, Saudi Arabia and other Middle Eastern suppliers by the end of 2026, Orda.kz reports, citing Reuters.
Kazakhstan is expected to supply 18 million barrels, or about 6.5% of the total volume. The main share will still come from Saudi Arabia. Riyadh will send Seoul 50 million barrels of oil already contracted by South Korean companies and will add another 200 million barrels in the second half of the year. Oman will supply about five million barrels.
The agreements were announced by South Korean presidential chief of staff Kang Hoon-sik after his visits to Kazakhstan and the Middle East.
According to him, deliveries will be organized through alternative routes bypassing the Strait of Hormuz. Previously, about 61% of South Korea’s oil imports passed through the strait.
Despite the expansion of supply routes and sources, Middle Eastern countries continue to play the key role in supplying Seoul with oil.
Orda.kz previously reported that South Korea had turned to Kazakhstan out of concern over possible disruptions to oil supplies.
Original author: Alexander Zhdanov
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