South Korea Inks Deal with Argentina on Crude Oil and Lithium Imports

South Korean President Lee Jae-myung's three-nation tour of South America has yielded a significant agreement on crude oil imports and cooperation on critical minerals. During his meeting with Argentine President Javier Milei, the two leaders agreed to import Argentine crude oil starting next year, with the goal of ensuring stability in supply and demand.

The two countries also signed a memorandum of understanding on critical minerals cooperation, which includes joint mining efforts for lithium, a key raw material for semiconductors and batteries. Argentina holds the world's fourth-largest reserves of lithium, making it an attractive partner for South Korea's AI industry needs.

President Lee emphasized the importance of speed in their cooperation, with President Milei assuring him that tens of thousands of regulatory reforms have been carried out to facilitate the process.