South Korea Targets 50% Crude Oil Dependence Reduction by 2035

The South Korean government has announced plans to reduce its dependence on Middle East crude oil to below 50% by 2035, in response to conflicts in the region. To achieve this goal, the government will diversify import routes and contract methods for crude oil and natural gas.

Additionally, the Ministry of Trade, Industry and Energy plans to expand storage facilities by 20 million barrels by 2030 to increase government strategic reserves. This expansion is expected to support stable domestic production of naphtha.

The government will also strengthen supply chain management for core minerals, expanding the number of managed minerals from 38 types to 51 types and increasing stockpiled items from 24 to 29 types.

Minister Kim Jeong-kwan stated that resource security is not just a matter of cost, but a matter of national survival. He emphasized the need for fundamentally improving the constitution of resource supply chains.