South Korea’s Chief of Staff will visit Kazakhstan and other oil-producing countries to negotiate raw material supplies. The country is suffering difficulties due to delays in oil transits through the Strait of Hormuz, Reuters reported.
Kang Hoon-sik will arrive in Astana as a special representative of South Korea’s President Lee Jae-myung. His goal is to negotiate the supply of crude oil and naphtha. He will also visit Saudi Arabia and Oman to hold talks with governments, oil companies, and vessel operators. The aim is to develop alternative oil supply routes.
South Korea depends on oil imports through the Strait of Hormuz by 61%, and due to the ongoing conflict involving Iran, the transit is hindered. In March, South Korea agreed on supplies of 24 million barrels of oil from the UAE. Kang said the aim is to focus on long-term supplies.
The country has already been implementing measures to save fuel and energy. Households and enterprises were called upon to follow these measures.
European media also report that the EU is preparing for a crisis and energy conservation. Brussels is proposing measures to control air conditioner temperatures, encourage remote work, and introduce fuel rationing and flight restrictions. Since the beginning of March, gasoline prices in Europe have jumped by 70%.
Previously, Japan’s INPEX, holding stakes in the Kashagan oil field and the Azeri-Chirag-Gunashli oil fields, signaled its readiness to redirect part of its oil production in Central Asia to the domestic market.
