Route Home Reopens for Korean Nationals as UAE Resumes Commercial Flights; Emergency Procurement of 6 Million Barrels of Crude Confirmed

[Financial News] Chief of Staff to the President of the Republic of Korea Kang Hoon-sik on the 6th unveiled plans to support the return of Korean nationals overseas and measures to stabilize energy supplies in response to the escalating crisis in the Middle East. At a briefing held at the Chunchugwan press center in Cheong Wa Dae, Kang said, "In line with instructions from President Lee Jae-myung, we immediately began consultations with the UAE, and the UAE decided to provide special support," announcing both the resumption of commercial flights and the emergency import of more than 6 million barrels of crude oil.
At the Chunchugwan briefing, Kang explained, "At yesterday's meeting of the State Council of South Korea, the President of the Republic of Korea instructed officials to ensure the swift and safe evacuation of our people based on cooperation with friendly nations, and to spare no effort to protect Korean vessels and seafarers in Middle Eastern waters." He added, "Following the President's instructions, we began consultations with the United Arab Emirates (UAE), our key ally in the Middle East, and support was extended to accommodate Korea even amid heightened tensions on the ground."
Kang stated, "Currently, there are about 18,000 Korean nationals in 14 Middle Eastern countries, of whom roughly 4,900 are short-term visitors," adding, "Around 3,500 of these short-term visitors are stranded in the UAE and the State of Qatar due to flight cancellations and are waiting to return home."
The government has been negotiating with the UAE on resuming flights from the UAE to Korea, and said that, following talks with Khaldoon Khalifa Al Mubarak, Chairman of the Abu Dhabi Executive Affairs Authority, an additional phone call was held between the two countries' foreign ministers. As a result, "Late last night, the resumption of UAE commercial flights was finally confirmed, and a large Emirates passenger jet carrying our nationals departed Dubai and is now en route to Korea," he said, adding, "It is expected to land at Incheon International Airport at around 7:30 p.m. today." He also said that flights from Abu Dhabi operated by Etihad Airways are "expected to resume from tomorrow."
Regarding the number of passengers, Kang explained, "My understanding is that the vast majority of those on board are Korean nationals." He went on, "Flights from Dubai and Abu Dhabi alone can carry about 1,000 people per trip, and if we add charter flights, daily capacity could reach the mid-to-high 1,000s," and noted, "We expect the issue of the 3,500 short-term visitors to be resolved within a few days." The government also announced that it will deploy additional Korean Air charter flights to help Koreans return home as early as possible.
On energy supplies, Kang said, "The Strait of Hormuz is now effectively completely closed," noting, "Seventy percent of the crude oil we import passes through the Strait of Hormuz, so the government has issued an 'Attention' level alert under its resource security warning system."
Kang stated, "In line with instructions from the President of the Republic of Korea, we discussed options for crude imports with Khaldoon Khalifa Al Mubarak, and emergency imports totaling more than 6 million barrels of crude have been confirmed." Specifically, two Korean-flagged oil tankers with a combined capacity of 2 million barrels will dock immediately at alternative ports within the UAE that do not require passage through the Strait of Hormuz, and Abu Dhabi National Oil Company (ADNOC) will load them with about 4 million barrels of crude currently stored at the port so they can return quickly. Kang added, "Beyond these two tankers, we plan to continue expanding crude imports through alternative ports."
He also said that the UAE has pledged to make 2 million barrels from its jointly held stockpile in Korea available at any time upon request. Kang noted, "The import of more than 6 million barrels, which is over twice Korea's daily consumption, will help stabilize our energy supplies and also contribute to calming oil prices, which have recently reacted excessively."
On the impact of securing crude supplies, Kang said, "Korea currently holds oil reserves equivalent to 208 days, or about seven months, under International Energy Agency (IEA) standards, so concerns about a short-term supply crunch are not great," but added, "We are expanding alternative supply options in preparation for a prolonged crisis." On costs, he explained that purchases "will be settled at prevailing market prices."
Regarding requests for cooperation on air defense weapons, he replied, "We have received requests from several countries, and the UAE is among them."
west@fnnews.com Seong Seok-woo Reporter