Overview
- A joint statement signed Monday by Premier Danielle Smith and Korea Customs Commissioner Lee Myeong‑ku waives a 3% tariff on Alberta crude bound for South Korea.
- The agreement recognizes diluted bitumen shipped from Canada as Canadian origin under free‑trade rules, removing a rules‑of‑origin hurdle to preferential treatment.
- Alberta says the change could lift annual crude exports to Korea to $400 million–$1 billion, depending on refinery demand.
- Korea’s customs agency says the step will lower import costs and help tackle an oil shortage triggered by the current crisis in the Middle East.
- Trans Mountain says more than 65% of Asia‑bound barrels in 2025 loaded at its Westridge dock in B.C., underscoring the route that connects Alberta oil to Korean buyers.