Korea Plans to Purchase 18 Million Barrels of Oil from Kazakhstan: Energy Ministry Says Export Volume to South Korea Not Yet Determined, Both Sides Push Forward Energy Cooperation and Supply Diversification
Kazakhstan International News Agency report — The Kazakh Energy Ministry stated that the specific volume of oil exports to South Korea in 2026 has not yet been determined, and will be established based on commercial agreements between market players as well as economic and logistical conditions.
In response to media inquiries, the ministry pointed out that oil exports from Kazakhstan to South Korea in 2025 were carried out under corporate commercial contracts. The Energy Ministry itself does not compile export data by specific countries; this function belongs to the Committee on State Revenues under the Ministry of Finance. The Energy Ministry primarily focuses on coordinating export directions and ensuring overall balance between oil production and supply.
The department also revealed that recently, Energy Minister Yerlan Akkengeldinov held talks with South Korean Minister of Trade, Industry and Resources Kim Jeong-gwan, during which both sides discussed deepening cooperation in the energy sector and confirmed their intention to expand collaboration scope and promote diversification of energy supply channels.
Regarding the 2026 plan, the ministry emphasized that the volume of oil exports to South Korea will be determined by market participants based on outcomes of commercial negotiations, taking into account economic feasibility and transportation conditions. The ministry stated it will continue supporting the expansion of oil export geographical distribution and promoting mutually beneficial cooperation with foreign partners, while refraining from interfering in companies’ specific business operations.
Furthermore, the ministry clarified that arrangements concerning crude oil procurement, export, and domestic sales, as well as refined oil procurement, all fall within the scope of commercial negotiations conducted by market entities based on mutual benefit. According to Article 18 of the Entrepreneurship Law, the state shall not illegally interfere with the business activities of enterprises and their consortia.
Previously, South Korea indicated that amid instability in the Middle East, it plans to purchase approximately 18 million barrels of crude oil from Kazakhstan via alternative transport routes, while simultaneously expanding imports of light petroleum products. Both sides have also engaged in discussions on establishing a higher-level cooperation mechanism and deepening collaboration in energy and industrial sectors.
Original source: toutiao.com/article/1862645643758666/
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