Gate News message, April 17 — South Korea’s Ministry of Foreign Affairs said on April 17 that Park Jong-han, coordinator for economic diplomacy, visited Algeria and Libya from April 13 to 16 to discuss the possibility of emergency oil supply to Korea and energy cooperation options. During meetings with energy officials and representatives from the state-owned oil companies in both countries, Park confirmed the feasibility of Korean companies purchasing Libyan heavy crude oil through Libya’s National Oil Corporation (NOC) and requested that NOC allocate a portion of its crude oil trading quotas to Korea.
The NOC responded positively, stating that it could actively arrange quotas for Korea if technical issues such as crude oil specifications and delivery timelines, as well as buyer creditworthiness, meet the required conditions.
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