Emergency crude oil shipments from the United Arab Emirates (UAE) are en route to South Korea, following a recent agreement between the two nations, according to the Ministry of Trade, Industry and Resources. Seoul has already received the initial delivery from the Gulf state.
Last month, the UAE committed to supplying South Korea with 24 million barrels of crude oil as a matter of top priority, amidst concerns regarding the Strait of Hormuz.
The Ministry of Trade, Industry and Resources stated that the UAE pledged an initial supply of 6 million barrels, followed by the delivery of the remaining 18 million barrels.
Of the first 6 million barrels, 2 million arrived in South Korea on Monday, with another 2 million barrels expected in early to mid-April. Furthermore, the UAE has released 2 million barrels from its jointly held international reserves stored in South Korea to a domestic oil refinery.
The remaining 18 million barrels are currently being shipped, with 2 million barrels purchased by a South Korean company scheduled to arrive by mid-April. This emergency supply aims to bolster South Korea’s energy security in the face of global uncertainties.
