Seoul Knocks on Africa’s Door: South Korea Eyes Crude and Naphtha Deals with Algeria and Libya
South Korea is actively pursuing crude oil and naphtha supply arrangements with Algeria and Libya as it seeks to diversify energy import routes and build greater resilience in its petroleum supply chain.
Park Jong-han, deputy foreign minister for economic affairs, held a series of meetings this week with government and energy officials in both North African countries. During talks with senior officials at Libya’s National Oil Corporation (NOC), Park discussed potential purchases of Libyan heavy crude by South Korean companies and the possible allocation of dedicated supplies to Seoul.
The NOC indicated its willingness to actively allocate supplies to South Korea, provided conditions relating to crude specifications, delivery timing, and buyer credibility are met, the South Korean foreign ministry said in a statement.
Park highlighted South Korea’s unique position in global energy markets: while the country imports all of its crude oil, it re-exports refined petroleum products across the Asia-Pacific region using its advanced refining technology, making stable crude imports a matter of regional significance.
He also called for expanded long-term energy cooperation with African producers, stressing that strengthening supply resilience has direct implications for petroleum supply chains across the Asia-Pacific region.
Source: koreaherald.com (Yonhap)
