The South Korean government has finalized its first Resource Security Master Plan, centered on reducing dependence on Middle Eastern crude oil to below 50% by 2035 and expanding stockpile facilities by 20 million barrels by 2030.
The Ministry of Trade, Industry and Energy held the 6th Resource Security Council meeting on the morning of the 23rd at the Korea Trade Insurance Corporation in Seoul, chaired by Minister Kim Jung-kwan. The council deliberated and approved four agenda items: the 1st Resource Security Master Plan, the 5th Petroleum Stockpiling Plan amendment, the Critical Minerals designation proposal, and the 1st Critical Minerals Stockpiling Plan.
This master plan is the first government-wide, mid- to long-term strategy established since the National Resource Security Special Act took effect in February last year, and will apply for a 10-year period from 2026 to 2035. The government determined that supply chain vulnerabilities were exposed during the Middle East conflict, and set the core direction as building a resource security posture that remains unshaken even in crisis situations.
In the crude oil sector, the government set a goal of reducing dependence on Middle Eastern sources—which stood at 70% as of last year—to below 50% by 2035. For natural gas, it decided to maintain dependence on any single country below the 30% range. South Korea’s dependence on Qatari gas was 35.5% in 2016, but has since been reduced to below 20% through import source diversification.
To achieve this, the government plans to diversify crude oil and natural gas import routes, contract methods, and crude grades. It will expand freight differential support for non-Middle Eastern crude oil, currently at 25%, and provide differentiated support based on diversification performance along with customs administrative convenience. The crude oil procurement approach will shift from spot purchases toward long-term contracts, with support for securing long-term contract volumes through cooperation with producing country governments.
Given that South Korea’s domestic refining facilities are optimized for Middle Eastern heavy crude, the government will also pursue facility investments to build processing capacity for U.S. light crude and support R&D for refining technology advancement.
Stockpile infrastructure expansion will proceed in parallel. The government plans to secure 20 million barrels of stockpile facilities by 2030, achieving a 60-day reserve capacity based on daily crude oil demand of 2.8 million barrels. Through this, it aims to secure up to 7.045 million barrels of government strategic reserves, utilize them for international joint stockpiling with oil-producing countries, and additionally secure condensate that can be linked to the petrochemical industry. Twenty million barrels represents approximately seven days’ worth of South Korea’s daily petroleum consumption of about 2.8 million barrels.
Critical minerals supply chain management will also be significantly strengthened. The government will newly designate 13 types as critical minerals—including phosphorus, fluorite, and germanium used in semiconductor and battery materials, along with 10 types of rare earths used in permanent magnets—expanding the managed list from the existing 38 to 51 types.
Critical minerals stockpile items will also increase from 24 to 29 types, with stockpile targets for supply chain-vulnerable minerals raised from the existing 180 days to a maximum of 365 days. The government will introduce a new concept of national total available inventory encompassing public stockpiles, private inventories, and recycled materials, and will build a dedicated critical minerals stockpile base at Saemangeum in North Jeolla Province by 2028.
Minister Kim Jung-kwan stated, “Through the Middle East conflict, we have once again confirmed that resource security is not simply a matter of cost, but a matter of national survival that protects people’s livelihoods and industry.” He added, “We will fundamentally improve the constitution of our resource supply chain, moving away from the short-term and reactive responses that have been repeated in every crisis.”
He further noted, “We will bring together the capabilities of relevant ministries, public institutions, and private companies to implement resource security tasks without disruption.”
Overseas resource development will focus on securing stable volumes through limited equity investments and offtake agreements, while domestic development will proceed on the principle of private sector participation. The successful completion of the 10 major strategic mineral projects and securing new industrial resources were also presented as key objectives.