Energy Crisis: South Korea Secures Priority Oil Supply from UAE

Seoul (ANTARA) - South Korea has reached an agreement with the United Arab Emirates (UAE) for priority oil deliveries amid an energy crisis caused by the blockade of the Strait of Hormuz to shipping.

The Presidential Chief of Staff and Special Envoy for Strategic Economic Cooperation of South Korea (Korsel), Kang Hoon-sik, stated during a press conference on Wednesday (18/3) that the agreement was achieved in a meeting between officials from both countries.

The meeting discussed concrete steps for cooperation amid the Middle East crisis and efforts to enhance trust between long-standing partners and allies, Kang said.

He noted that during the visit to the UAE, he delivered a personal letter from South Korean President Lee Jae-myung to UAE President Mohammed bin Zayed Al-Nahyan, expressing concern over the situation in the Middle East and support for the UAE people.

The visit resulted in an energy agreement, under which the UAE pledged to prioritise oil supplies to South Korea amid the global oil crisis, Kang said.

“This is clearly stated: ‘No country will receive oil before South Korea. South Korea is the top priority for oil supply,’” he added.

Under the agreement, oil deliveries will be carried out by UAE and South Korean tankers. Three UAE vessels are carrying 6 million barrels, and six South Korean tankers are transporting 12 million barrels.

Kang confirmed that a naphtha tanker is already en route to South Korea.

Previous deliveries amounted to 6 million barrels, bringing the total emergency oil supply obtained by South Korea from the UAE to 24 million barrels, he said.

The two sides also agreed to explore long-term cooperation, including a memorandum of understanding on the oil supply chain to identify alternative shipping routes and joint coordination amid global energy disruptions.

Kang Hoon-sik also expressed gratitude to the UAE leaders for ensuring the safe return of South Korean citizens from the Gulf region.