Abstract
The paper analyzes South Korea’s strategy in the global oil market. South Korean oil cooperation is characterized by the creation or termination of joint projects in the oil sector, as well as the Republic of Korea’s national project for the diversification of state-energy suppliers. Oil cooperation currently has great potential, and the conditions that have developed at the highest level allow open discussions about positive dynamics for short-term and medium-term prospects in the field of oil cooperation. The analysis presented here includes export and import connections in the oil market. The authorities of the current administration of the Republic of Korea have adopted a new political stance towards the north, in accordance with which the state is actively developing and establishing relations with the Democratic People’s Republic of Korea (DPRK) and the Russian Federation. In the coming years, South Korea aims to renew and revise potential projects in the field of oil cooperation. The main result of this is that the political climate of the Republic of Korea is currently concentrated on the development of an oil cooperation strategy.
Highlights
The current global oil market satisfies the main participants in market relations, which significantly reduces the risks of emerging “resource wars”
Certain points of discussion in this field have been identified, including doubts which are rooted in the environment of South Korean business regarding the nature of the Russian economy; i.e., the remnants of the USSR’s planned economy, which do not guarantee security for foreign businesses in Russia
In order to identify the dynamics of the development of oil cooperation, an event analysis method was held at the highest framework levels of various forums and department meetings related to oil cooperation between the Republic of Korea and the Russian Federation
Summary
The current global oil market satisfies the main participants in market relations, which significantly reduces the risks of emerging “resource wars”. The degree inaccessibility of the country (primarily from a linguistic point of view) is not reliable, and there is an absence of detailed information regarding various taxes, customs and other procedures. These problems are relevant to other states’ economic cooperation. If we are to discuss historiography on the topic of oil cooperation, it is worth noting that little attention is currently being devoted to this topic. Little attention has been paid to this subject, and few research works have been conducted, as oil cooperation itself originated relatively recently—it has only been in place since 1993. Most studies have focused on the economic aspect of state cooperation and the concept of oil security
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