Korea Targets Reduced Dependence on Middle Eastern Energy

South Korea has announced plans to reduce its reliance on Middle Eastern oil and gas by 2035. The country currently imports around 70% of its crude oil from the region, with a significant portion passing through the Strait of Hormuz.

To achieve this goal, the government will establish a stable import structure for crude oil and natural gas by diversifying import routes, methods, and types. This includes expanding storage facilities by 20 million barrels by 2030 to secure additional crude oil and increase strategic oil reserves.

The country also aims to reduce its reliance on Middle Eastern imports of natural gas to below 30% by 2035. Currently, 61% of import volumes transit through the Strait of Hormuz, highlighting the need for diversification.