South Korea to Urgently Import 18 Million Barrels of Crude Oil from UAE; "Korea Is Top Priority for Oil Supply"

[Financial News]
The Special Presidential Envoy for Strategic Economic Cooperation with the United Arab Emirates, led by Chief of Staff to the President of the Republic of Korea Kang Hoon-sik, has successfully negotiated the urgent import of 18 million barrels of crude oil.
On the 18th, the Ministry of Trade, Industry and Resources (MOTIR) announced that the envoy visited the United Arab Emirates (UAE) from the 15th to the 17th. During the visit, the delegation paid a courtesy call on President Mohamed bin Zayed Al Nahyan and met with senior officials including Chairman of the Abu Dhabi Executive Council Khaldoon Khalifa Al Mubarak and Abu Dhabi National Oil Company (ADNOC) Chief Executive Officer (CEO) Sultan Ahmed Al Jaber to reach this agreement.
As a result, South Korea will have imported a total of 24 million barrels of crude oil from the UAE, adding this 18 million barrels to the 6 million barrels secured on March 6. This volume is more than eight times South Korea’s daily oil consumption and is expected to play a major role in stabilizing the current oil supply crisis.
Above all, the UAE has reportedly pledged to give South Korea priority in crude oil supplies even if the emergency situation continues, effectively promising that "Korea is the top priority for oil supply."
Building on this, the two countries agreed to establish a hotline so that South Korea can urgently purchase additional volumes beyond the 24 million barrels at any time. They also agreed to sign an Oil Supply Chain Cooperation Memorandum of Understanding (MOU) to ensure long-term stability in crude oil supplies.
Specifically, three UAE-flagged vessels will transport 6 million barrels, and six South Korea-flagged vessels will carry an additional 12 million barrels, for a total shipment of 18 million barrels. In addition, one vessel loaded with naphtha is currently en route to South Korea.
Vice Minister of Trade, Industry and Energy Mun Sin-hak stated, "This visit by the special envoy is highly significant in that it has secured diverse crude oil supply routes at a time when the energy supply crisis is intensifying due to the prolonged blockade of the Strait of Hormuz and instability in the Middle East." He added, "We have never before received such a firm commitment for large-scale crude oil supplies in a crisis like this. This is expected to further strengthen our cooperation with the UAE, a key partner nation."

aber@fnnews.com Park Ji-young Reporter