South Korea Turns to Kazakhstan Over Oil Supply Risks
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South Korea is sending a special envoy to Kazakhstan amid shipping disruptions in the Strait of Hormuz and growing concerns over oil supplies, Orda.kz reports, citing Reuters.
South Korean presidential chief of staff Kang Hoon-sik is set to visit Kazakhstan, Oman and Saudi Arabia. Seoul says the trip is urgent because about 61% of the country’s crude oil imports and 54% of its naphtha imports normally pass through the Strait of Hormuz. The government says it is trying to prevent a supply shock from turning into a broader domestic crisis.
For Seoul, Kazakhstan is one of the destinations in its effort to diversify supply channels beyond the Hormuz route. At the same time, South Korean officials are working with international partners to ensure the safe passage of 26 South Korean-flagged vessels currently waiting in the strait.
South Korea has already secured some alternative supplies. Shipments under a 24 million-barrel deal with the UAE have started arriving, and the government says it has lined up 110 million barrels of alternative crude oil supplies for April and May from 17 countries.
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