(Bloomberg) -- South Korea has the capacity to purchase more US energy, which is competitive in cost with Middle East imports, Yonhap News on Sunday cited the trade minister as saying.
Ahn Duk-geun, minister of trade, industry and energy, told Yonhap that the country needs to expand US imports and plans to fold it into policy “constructively,” while private companies can take it into consideration as part of their business strategies.
Bloomberg News reported last month South Korea was examining a plan to raise imports of US oil and gas should Donald Trump take power and increase pressure on trading partners to reduce trading surpluses with the US.
The minister’s comments suggest South Korea will seek to encourage US energy imports through government-run firms and private refiners, Yonhap said. US gas and oil prices are “reasonable,” making it easier for Korea to procure them, Ahn told Yonhap.
Trump won the US presidential vote on Nov. 5 and is set to return to the White House in January. During his campaign, he vowed to narrow trade deficits with other countries through tariffs and increase US oil and gas production to establish what he called energy dominance.
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