South Korea Plans to Cut Its Reliance on Middle Crude Oil Imports to 50% by 2035
The plan includes a 20 million-barrel crude stockpile expansion by 2030 and a broader push to secure gas, condensate and critical minerals.
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Channel News Asia
PressNewsAgencySouth Korea plans to cut its reliance on Middle crude oil imports to 50% by 2035
SEOUL, Sept 23 : South Korea aims to reduce its reliance on crude oil from the Middle East to 50 per cent by 2035, as Asia's fourth-biggest economy seeks to diversify energy supplies following the disruption caused by the Iran war, the Industry Ministry said on Wednesday. In its 10-year natural resources secu
The government has finalized a mid-to-long-term roadmap for resource security that includes expanding crude oil storage facilities to 20 million barrels by 2030 and reducing dependence on specific regions, such as the Middle East, to below 50% by 2035. The Ministry of Trade, Industry and Energy held the 6th Resource Security Council meeting, presided over by Minister Kim Jeong-kwan, at 9:30 a.m. on the 23rd in the main conference room of the Kor…
(Seoul = Yonhap News) Reporter Shin Chang-yong = The government has decided to reduce its dependence on crude oil from specific regions to below 50% by 2035 and expand its storage facilities.
The government has decided to reduce its dependence on specific regions for crude oil to below 50% by 2035, taking the recent Middle East crisis as an opportunity.
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