South Korea Targets 50% Reduction in Middle East Oil Dependence by 2035

The South Korean government has finalized its first Resource Security Master Plan to reduce dependence on Middle Eastern crude oil below 50% by 2035. The plan aims to diversify crude oil and natural gas import routes, contract methods, and crude grades. To achieve this goal, the government will expand freight differential support for non-Middle Eastern crude oil, currently at 25%, and provide differentiated support based on diversification performance.

The government also plans to pursue facility investments to build processing capacity for U.S. light crude and support R&D for refining technology advancement. The plan includes expanding stockpile facilities by 20 million barrels by 2030, achieving a 60-day reserve capacity based on daily crude oil demand of 2.8 million barrels.

Critical minerals supply chain management will also be significantly strengthened under the new master plan. The government will newly designate 13 types as critical minerals and expand the managed list from 38 to 51 types. Stockpile targets for supply chain-vulnerable minerals will be raised from 180 days to a maximum of 365 days.

Minister Kim Jung-kwan stated, 'Through the Middle East conflict, we have once again confirmed that resource security is not simply a matter of cost, but a matter of national survival that protects people's livelihoods and industry.'