South Korea Aims for Reduced Dependence on Middle East Oil by 2035

The South Korean government has unveiled a plan to diversify its crude oil supply lines and reduce its reliance on Middle Eastern imports by 2035. The goal is to lower dependence on any specific region's oil to below 50% in five years, aiming for greater resource security.

According to the '1st Master Plan for Resource Security', the government will diversify introduction routes, contract methods, and types of crude oil and natural gas to ensure a stable supply and demand structure. This includes expanding government oil reserves and international joint reserve volumes by securing facilities with a capacity of 20 million barrels by 2030.

The plan also focuses on securing critical minerals, essential for high-tech industries, by designating 13 new types as critical, including germanium, phosphorus, fluorite, and 10 rare earth elements. The reserve target for mineral types with vulnerable supply chains will be raised from 180 days to a maximum of 365 days.