South Korea is on the verge of an agreement with Kazakhstan for large-scale oil supply. According to a Reuters report, the country's Minister of Industry Kim Jongg Kwang stated that the details of the deal will be announced in the coming days.
Until now, Seoul has imported nearly 70% of its oil from Middle Eastern countries. However, the situation around Iran and potential disruptions in the Strait of Hormuz threaten energy security. Therefore, the country has embarked on diversifying its supply.
A high-level delegation visited Kazakhstan, Oman, and Saudi Arabia to discuss new areas of cooperation. It is noted that oil supply from Kazakhstan would take 50–60 days, which is close to the delivery time for oil imported from the United States.
