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Minister: South Korea is close to securing oil from Kazakhstan

Minister: South Korea is close to securing oil from Kazakhstan
Minister: South Korea is close to securing oil from Kazakhstan

South Korea has a good chance of obtaining crude oil from Kazakhstan, said the Industry Minister on Sunday. The?country is looking for alternative energy sources amid the Middle East war.

Kim Jung-kwan, Industry Minister at KBS, said: "There have been (some) significant progresses. We should be able announce specific amounts and detail?early the next week."

Kang Hoon Sik, the presidential chief of staff, travelled to Saudi Arabia, Oman, and Kazakhstan with Kim earlier this month to secure supplies of crude oil and naphtha due to disruptions in shipping through Strait of Hormuz.

Kim explained that the visit to Kazakhstan was part of a long-term strategy to diversify oil supplies.

South Korea is almost completely dependent on importing oil, with 70% of its purchases coming from Middle East. Last month, the United Arab Emirates also pledged to provide 24 million barrels. (Reporting and editing by Raju Gopalakrishnan; Jihoon Lee)

(source: Reuters)