SEOUL, May 6 (Bernama-Yonhap) -- The South Korean foreign ministry said Wednesday it held a working-level meeting with officials from major oil refiners here to discuss ways to diversify the country's crude oil supply by expanding imports from Latin America and the Caribbean, Yonhap News Agency reported.
The meeting brought together representatives from SK Energy Co., S-Oil Corp., GS Caltex Corp., Hyundai Oilbank Co. and the Korea Petroleum Association, according to the ministry.
The participants noted significant potential to diversify supply chains through deeper cooperation with partners in Latin America and the Caribbean, which account for about 19 per cent of the world's proven oil reserves.
"We will continue diplomatic efforts to support the diversification of crude imports from the region in coordination with overseas missions and relevant government agencies," the ministry said in a release.
Currently, South Korea relies on West Asia for more than 70 per cent of its crude oil imports, and it has been striving to diversify its oil and broader energy supply chains, particularly as the ongoing crisis in West Asia has disrupted global supply networks.
-- BERNAMA-YONHAP
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