| News Release Boosting Alberta’s oil exports to Asia A new agreement eliminates a three per cent tariff on Alberta crude exports to South Korea, improving market access and growing energy exports to Asia.  The Republic of Korea’s Customs Commissioner, Myeong-ku Lee, with Premier Danielle Smith.Premier Danielle Smith has signed a joint statement with the Republic of Korea’s Customs Commissioner, Myeong-ku Lee, to waive a three per cent tariff for Alberta crude exports to South Korea. The joint statement between Alberta’s government and the Korea Customs Service of the Republic of Korea confirms diluted bitumen shipped from Canada qualifies as a Canadian-origin product, removing a key trade barrier and improving access for Alberta energy producers. In 2025, Alberta exported almost $400 million in crude oil to South Korea, up more than 500 per cent year over year, driven by expanded pipeline access. With tariffs removed, exports could grow between $400 million and $1 billion annually, depending on refinery demand. This strengthens demand for Alberta energy, supports jobs and investment at home, and provides Korea with a reliable, responsibly produced source of crude as it diversifies its energy supply. “Zero tariffs on Alberta crude destined for Korea makes Alberta energy more competitive, and strengthens a partnership built on reliability and trust. It creates more opportunities for Alberta producers, supports investment in our economy and secures long-term demand for our energy.”Danielle Smith, Premier “This joint statement acknowledges the structural challenges in the field and identifies bold and proactive solutions through direct cooperation with the Alberta government within the framework of FTA rules of origin. It represents a significant achievement in which customs administration has taken the lead in addressing the national challenge of diversifying the energy supply chain.”Myeong-ku Lee, commissioner, Korea Customs Service “Trans Mountain plays an instrumental role in connecting Asian customers with Canadian crude oil producers, providing the fastest and most direct route for shipments to Asia. In 2025, more than 65 per cent of exported volumes were delivered to Asia from our Westridge dock in B.C. We’re pleased to have worked alongside the governments of Canada, Alberta and Korea to advance the growth of Canadian crude oil exports to Korea.” Mark Maki, CEO, Trans Mountain The Republic of Korea is an important economic partner for Alberta, with bilateral trade in 2025 totalling $1.8 billion. Alberta’s goal remains to double oil production and get more energy into pipelines and to tidewater to supply global markets with safe, reliable and responsibly produced energy. Quick facts Alberta’s total exports to South Korea in 2025 totalled $1.4 billion, and consisted primarily of oil, coal, nickel, propane, beef, pork and wood pulp.Major Korean refineries such as SK, HD Hyundai Oilbank and GS Caltex currently import Alberta crude oil.Several major Korean energy companies operate Canadian headquarters in Calgary, including Korean Gas Corporation, Korea National Oil Corp, and SK Eco-Engineering.Alberta has had a long-standing sister province relationship with Gangwon State in South Korea since 1974. Alberta Korea Office is co-located at the Canadian Embassy in Seoul, and has been operational since 1988. |
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