South Korea is interested in importing more U.S. oil and gas to diversify energy sources and ensure stable supplies given the tensions in the Middle East, South Korea’s energy minister Ahn Duk-geun said on Thursday.
He told reporters that the government may need to increase support for the purchase of non-Middle East oil to help companies diversify their energy sources.
His comments come as U.S. President-elect Donald Trump, who takes office on Jan. 20, has vowed to impose tariffs of 10% on global imports into the U.S.
Trump has said the European Union should step up U.S. oil and gas imports or face tariffs on the bloc’s exports that include goods such as cars and machinery.
South Korea is the world’s fourth-largest buyer of crude and gas, according to the Korea National Oil Corporation, and the ninth-largest energy consumer.
(Reporting by Hyunjoo Jin; Editing by Christian Schmollinger and Jamie Freed)