Kang Hoon-sik: "UAE to Give Korea Top Priority for Crude Oil Supply...Additional 18 Million Barrels"

[Financial News] Kang Hoon-sik, Chief of Staff to the President of the Republic of Korea, stated on the 18th, "Amid a global emergency in crude oil supply and demand, the United Arab Emirates (UAE) has pledged to give Korea top priority in crude oil supplies."
At a briefing held that day at the Chunchugwan Press Center at the Blue House on the activities of the Presidential Special Envoy for Strategic Economic Cooperation, Kang shared details of his recent visit to the UAE and made these remarks.
Kang said, "I paid a courtesy call on United Arab Emirates President Mohamed bin Zayed Al Nahyan and delivered a personal letter from President Lee Jae Myung, which conveyed concerns over the recent situation in the Middle East as well as special condolences and solidarity with the people of the UAE."
He went on, "As a core achievement of this visit in the energy sector, the UAE pledged to give Korea top priority in crude oil supplies. No country will receive crude oil before Korea. They made it clear that Korea is the top priority when it comes to crude oil supply."
Kang explained, "The Strait of Hormuz is effectively under blockade at present. Since 70% of the crude oil we import passes through the Strait of Hormuz, it is urgent to secure crude oil imports through alternative supply routes, not via the Strait of Hormuz, in order to overcome the current energy supply crisis."
He added, "Depending on developments in the UAE and the broader Middle East, we agreed that Korea can make emergency purchases of crude oil from the UAE at any time if necessary. Based on this, we finalized the emergency purchase of a total of 18 million barrels of crude oil through various supply routes," noting, "Specifically, 6 million barrels will be supplied via three UAE-flagged vessels, and an additional 12 million barrels will be supplied via six Korea-flagged vessels, for a total shipment of 18 million barrels."
Kang particularly pointed out, "If we include the 6 million barrels previously supplied, Korea will have urgently imported a total of 24 million barrels from the UAE," and added, "This energy-sector agreement is expected to make a significant contribution to stabilizing the current crude oil supply crisis."
Kang said, "The two countries agreed to strengthen cooperation not only on short-term supply and demand, but also on long-term supply to prepare for potential disruptions in the energy supply chain. To this end, we agreed to conclude a memorandum of understanding on oil supply chain cooperation (MOU), which will include exploring alternative crude oil supply routes between the two countries, and we plan to sign it in the near future."
cjk@fnnews.com Choi Jong-geun, Sung Seok-woo Reporter