South Korea has secured an additional 18 million barrels of crude oil from the UAE, bringing the total to 24 million barrels, with the Gulf nation pledging to prioritise South Korean supply.
SEOUL: The United Arab Emirates has pledged to make South Korea its top priority for crude oil supply, securing a total of 24 million barrels for the East Asian nation.
Presidential chief of staff Kang Hoon-sik announced the agreement following his return from a visit to the UAE, amid ongoing tensions in West Asian energy markets.
“The UAE clearly promised us that no country would receive crude oil ahead of South Korea and that we are the ‘No. 1 priority’ in terms of its oil supply,” Kang said.
He added that the two sides had agreed to make emergency purchases of crude oil from the UAE at any time, with South Korea securing an additional 18 million barrels on top of a previous 6-million-barrel agreement.
The additional supply includes 6 million barrels to be transported via three UAE-flagged vessels and 12 million barrels via six Korean-flagged vessels.
Kang stated that the two nations had also agreed to sign a memorandum of understanding on cooperation in the crude oil supply chain, including exploring alternative supply routes.
“We have avoided the worst-case scenario regarding the supply of crude oil,” he said, adding that South Korea would not face difficulties in securing crude oil supplies.
When asked about discussions on arms exports during the visit, Kang declined to elaborate, stating it was inappropriate to link the issue with the crude oil supply.
He also remained cautious about commenting on whether the United States had formally asked South Korea to deploy warships to West Asia, confirming no official request had been received yet.
Kang noted that around 3,000 of the 3,500 South Korean nationals on short-term stays in the UAE had returned home safely.
He added that he delivered a letter from President Lee Jae Myung to UAE President Mohamed bin Zayed Al Nahyan, expressing appreciation for the Emirati leader’s support.
The visit followed a trip by Kang to the UAE in late February, during which the two countries agreed to pursue cooperation projects worth more than USD 65 billion.
The Sun Malaysia
