South Korean Industry Minister Kim Jung-kwan has said that the country is nearing a deal to secure crude oil supplies from Kazakhstan as it seeks to diversify energy sources amid instability in the Middle East.

"There has been quite [some] progress, so we should be able ⁠to announce specific amounts and details early next week," the minister said in an interview with local broadcaster KBS, The Caspian Post reports via foreign media.

The discussions come as Seoul looks for alternative supply routes following disruptions linked to tensions and shipping risks in the Strait of Hormuz.

Earlier this month, presidential chief of staff Kang Hoon-sik traveled with Kim to Kazakhstan to discuss securing crude oil and naphtha supplies.

"Kazakhstan might sound very ⁠far, but it actually takes about the same time with shipments from the U.S. About 50 to 60 days," Kim said, adding that the visit aimed to strengthen long-term energy diversification.

South Korea remains heavily dependent on imports for its energy needs, with around 70% of oil purchases coming from the Middle East. Last month, it also secured a commitment from the United Arab Emirates to supply 24 million barrels of crude oil.