Alberta, South Korea sign joint statement to remove tariff on crude oil exports

Alberta Premier Danielle Smith has signed a joint statement with South Korea that includes the removal of a three per cent tariff on crude oil exports from the province, according to an Alberta government release.

The province says eliminating the tariff is expected to expand market access for Canadian energy producers exporting bitumen and other crude products. Alberta exported $400 million in crude oil to South Korea last year, and the government estimates that figure could increase to as much as $1 billion annually following the change.

The agreement comes as Smith has set a target to double Alberta’s oil and gas production by 2035. The province has identified increased pipeline capacity, particularly to the British Columbia coast, as a key requirement to support higher export volumes.

According to the Alberta government, expanded pipeline access has already contributed to a more than 500 per cent increase in oil exports to South Korea compared with the previous year. Total trade between Alberta and South Korea reached $1.8 billion last year.

The province says the agreement is intended to strengthen economic ties and support growth in Alberta’s energy sector through improved access to international markets.