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[BUSINESS] · South Korea · 5 sources

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South Korea targets reduced Middle East oil dependency by 2035

resource security crude oil diversification core minerals energy supply chain South Korea

South Korea has announced its first comprehensive resource security plan, aiming to transition from a ‘Just-in-Time’ supply model to a ‘Just-in-Case’ system to mitigate geopolitical risks. A primary goal is to reduce the nation's dependency on Middle Eastern crude oil from approximately 70% to below 50% by 2035. To support this, the government plans to diversify import sources, contract types, and shipping routes.

The plan also targets natural gas, with an objective to keep Middle East dependency below 30% by 2035. To bolster physical reserves, South Korea intends to expand its crude oil storage capacity by 20 million barrels by 2030.

In the sector of critical minerals, the government is expanding the list of managed core minerals from 38 to 51 species, including new additions such as germanium, phosphorus, and various rare earth elements. The number of mineral items held in reserve will increase from 24 to 29. For minerals identified as highly vulnerable to supply chain disruptions, the government will increase the mandatory storage period from 180 days to a maximum of 365 days.

Entities

Middle East · Ministry of Trade, Industry and Energy · South Korea · South Korean Ministry of Trade, Industry and Energy

Claims

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Sources

"전쟁·봉쇄에도 원유·핵심광물 10년 버틴다". . . 자원안보 로드맵 가동 [www.dongponews.net]
8 days ago
정부, 2035년 원유 ‘비중동산 50%’…핵심광물 비축 최대 1년 [www.energy-news.co.kr]
9 days ago
Coreia do Sul quer limitar petróleo do Oriente Médio a 50% até 2035 | CNN Brasil [www.cnnbrasil.com.br]
9 days ago
중동 원유 의존도 2035년까지 50% 이하로 줄인다…비축 2000만배럴 확충 [biz.heraldcorp.com]
9 days ago
중동산 원유 의존도 70%→50%로 낮춘다…비축시설도 확충 [www.mbn.co.kr]
9 days ago