Seeking Self Sufficiency Through Resource Diplomacy

The government of South Korea has announced that it is aiming to acquire 3.2bn barrels (bbl) of overseas oil and gas reserves in 2008. Faced with a high and rising import bill, South Korea needs to secure stable sources of supply to meet growing demand. With negligible resources of its own, the country is embarking on a diplomatic campaign to strengthen relations with resource-rich regions, particularly Russia and Central Asia, Africa and Latin America.

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