Lee eyes Argentina as shale oil exporter, seeks deeper energy ties

President Lee Jae Myung, on a state visit to Argentina, said Friday (local time) that South Korea is closely watching the country's transformation into an energy exporter, pointing to the expansion of production at the Vaca Muerta shale oil field as a key driver of that shift.

Lee made the remarks in a written interview with EFE, the Spanish-language news agency, released ahead of his summit with Argentine President Javier Milei. He said the two countries would sign an MOU on critical minerals supply chain cooperation during the visit, building on their existing experience in lithium collaboration.

Through the visit, Lee said he aimed to deepen cooperation in critical minerals, advance a trade agreement with Mercosur, the South American trade bloc, and diversify South Korea's energy sources.

On the MOU, Lee said it was intended "to establish a framework for cooperation across the entire critical minerals supply chain."

He also said South Korea's advanced industrial capabilities — particularly in secondary battery materials — made it "the ideal partner" for Argentina's strategy to move up the value chain in mineral processing.

As an example of bilateral cooperation, Lee cited the Sal de Oro project, a lithium venture in the provinces of Salta and Catamarca run by a local subsidiary of South Korean steelmaker Posco.

On energy cooperation, Lee noted that HD Hyundai Oilbank, a South Korean refiner, purchased Argentine crude oil for the first time this year. He said Argentina's stable maritime transport conditions, free of bottlenecks, meant the country "will play an increasingly important role in reshaping the global energy map."

Lee said he hoped "this visit will mark a new starting point for energy cooperation between South Korea and Argentina."