South Korea plans to reduce its reliance on Middle Eastern crude oil to 50 per cent by 2035, as Seoul seeks to diversify energy supplies following regional disruptions. The government’s 10-year resource security plan calls for a major transformation of supply chains.
South Korea’s Finance Minister Koo Yun-cheol pledged diplomatic efforts and diversified import sources to address energy price volatility amid geopolitical uncertainties in the Middle East.
Space42, the UAE-based AI-powered SpaceTech company, and Autonomous A2Z (A2Z), South Korea's leading autonomous driving company, have signed a commercial agreement valued at $7 million to deploy Level-4 mobility solutions in the UAE.
Global electric car sales rebounded strongly in the second quarter of 2026, with growth in markets including Australia, Europe, South Korea and other regions offsetting weaker demand in China and the US, according to a new report from the International Energy Agency (IEA).
South Korea will extend fuel tax cuts until September 30 amid Middle East tensions and energy cost concerns. Reductions of 15 per cent on gasoline and 25 per cent on diesel and butane will remain in place.
Renewable energy consultancy OWC, Korea Leading Energy Management (KLEM) and energy solutions provider OEG have signed a tripartite memorandum of understanding (MoU) to jointly deliver offshore wind balance of plant (BoP) operations and maintenance (O&M) services in South Korea.
South Korea’s inflation rose to a 26-month high in May, reaching 3.1 per cent year-on-year. The increase was driven mainly by higher fuel costs amid volatility in global energy markets, according to Statistics Korea.
Foreign tourist spending in South Korea hit a record 1.41 trillion won (around $911 million) in May, rising 73.7% year-on-year, according to the Korea Tourism Organisation (KTO).
Japanese Prime Minister Sanae Takaichi and South Korean President Lee Jae Myung agreed to strengthen energy cooperation by securing stable supplies of crude oil, petroleum products, and LNG amid rising geopolitical tensions in the Middle East.
The Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and South Korea has officially entered into force, marking a significant step forward in economic relations between the two countries.
