SEOUL, Mar 18 : South Korea has reached an agreement with the United Arab Emirates for priority oil deliveries amid the crisis stemming from the blockade of the Strait of Hormuz, Kang Hoon-sik, South Korean presidential chief of staff and special envoy for strategic economic cooperation, said on Wednesday.
The South Korean delegation, including officials from the Foreign Ministry and Industry Ministry, discussed practical cooperation steps amid the Middle East crisis, along with ways to deepen trust between longstanding partners and allies, Kang said at a briefing following the UAE visit.
During the trip, the envoy delivered a personal letter from South Korean President Lee Jae-myung to UAE President Mohammed bin Zayed Al Nahyan, expressing concern over Middle East developments and support for the Emirati people.
The key outcome of the visit was an energy sector deal. In a global oil market emergency, the UAE pledged priority raw material supplies to South Korea, Kang said.
“It was stated outright: ‘No country will receive oil ahead of South Korea. South Korea is the top priority for oil supplies,’” he said.
Currently, the Strait of Hormuz is effectively closed, while about 70% of South Korea’s oil imports passes through it. In these circumstances, Seoul is pursuing alternative routes. Accordingly, the sides finalized urgent imports totaling 18 million barrels via diverse paths, the envoy said.
Deliveries will use both UAE and South Korean tankers: three Emirati vessels for about 6 million barrels, and six South Korean ones for an extra 12 million barrels, Kang said.
One naphtha tanker is already en route to South Korea, the envoy said. Including prior shipments of 6 million barrels, total emergency UAE supplies to South Korea will hit 24 million barrels, he said.
The parties also committed to long-term collaboration, including a memorandum on oil supply chains to identify alternative routes and coordinate during global energy disruptions, Kang said.
The envoy thanked UAE leaders for aiding the safe return of South Korean nationals from the region. (UNI)
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