South Korea, which relies almost entirely on imports to meet its energy needs and 70% of its oil purchases come from the Middle East, received a commitment last month from the UAE to supply 24 million barrels of crude oil. South Korean Industry Minister Kim Jong-kwan said on Sunday that his country is close to securing crude oil supplies from Kazakhstan, as the country seeks alternative energy sources amid the war in the Middle East. The minister said in an interview with the Korean Broadcasting System: "We have made significant progress, so we are expected to be able to announce the specific quantities and details early next week." Earlier this month, Kang Hon-sik, the chief of staff to the president, accompanied Kim on a trip to Kazakhstan, Oman, and Saudi Arabia to secure crude oil supplies amid shipping disruptions through the Strait of Hormuz. Kim said, "Kazakhstan may seem very far away, but it actually takes about the same time as shipments from the United States, about 50 to 60 days," adding that the recent visit to Kazakhstan was aimed at diversifying oil supplies in the long run.
