Korea to triple oil imports, secure more LNG from Canada amid energy shock

AI Summary

South Korea and Canada have agreed to enhance their energy partnership, including South Korea tripling its Canadian crude oil imports and securing more LNG supplies amidst disruptions from the Iran conflict and Strait of Hormuz tensions. This move aims to stabilize South Korea's energy supply chain amid global energy shocks.

South Korea and Canada have agreed to deepen their partnership in energy and critical minerals as war in Iran and disruptions in the Strait of Hormuz reshape global supply chains. Under the agreement, Seoul plans to more than triple Canadian crude oil imports while securing additional LNG supplies through expanded investment in Canadian LNG projects. ...