BUENOS AIRES — South Korea will begin full-scale imports of crude oil from Argentina starting next year, moving to reduce its heavy reliance on Middle Eastern energy supplies as the ongoing war between the United States and Iran disrupts global oil shipments.
The announcement was made on Friday by Wi Sung-lac, Director of National Security at the South Korean Presidential Office, during a press briefing in Buenos Aires following a bilateral summit between South Korean President Lee Jae-myung and Argentine President Javier Milei.
According to Wi, South Korean companies conducted a pilot import of 880,000 barrels of Argentine crude oil this year. Building on the success of this initial shipment, both governments agreed to establish a stable framework to launch regular commercial imports in 2027. While the exact import volume for next year has yet to be finalized, officials expect trade flows to grow steadily.
President Milei has publicly pledged to increase Argentina’s energy exports by nearly fivefold, positioning the South American nation as an increasingly crucial supplier in global energy markets. The high-level meeting in Buenos Aires was also attended by South Korean Foreign Minister Cho Hyun and Argentine Foreign Minister Pablo Quirno.
"This agreement marks a practical turning point in expanding our crude oil supply network from the Middle East to South America," Wi emphasized. "It will significantly enhance our energy resilience and lower exposure to geopolitical uncertainties."
Beyond crude oil, Seoul and Buenos Aires agreed to broaden their strategic energy partnership to encompass natural gas, nuclear power, and critical minerals, with joint efforts underway to identify concrete collaborative projects.
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