Korea Secures UAE Oil Lifeline as Hormuz Crisis Deepens

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Presidential Special Envoy confirms 24 million barrels in emergency crude imports and priority supply pledge from Abu Dhabi amid Middle East tensions

On March 18, Cheong Wa Dae released the following statement from the Presidential Special Envoy for Strategic Economic Cooperation: 

 

 

I will now present the results of this visit to the UAE, undertaken together with the special envoy delegation from the Ministry of Foreign Affairs, the Ministry of Trade, Industry and Resources, and other participating ministries.

 

Amid the ongoing crisis in the Middle East, the delegation held discussions on ways to further strengthen trust with the UAE — a longstanding friend and key partner nation — and to explore concrete avenues for cooperation in times of crisis.

 

We first called on UAE President Mohamed bin Zayed Al Nahyan, conveying President Lee Jae Myung's personal letter, which expressed deep concern over the current situation in the Middle East along with heartfelt sympathy and solidarity with the people of the UAE.

 

Energy Cooperation: Key Outcomes

Against the backdrop of a global emergency in crude oil supply and demand, the UAE has pledged to supply South Korea with crude oil on a priority basis above all other nations. In direct terms, President Mohamed bin Zayed gave an unequivocal commitment: Korea is "Number 1 Priority."

 

The Strait of Hormuz is currently under effective blockade. As approximately 70 percent of the crude oil Korea imports passes through the strait, securing alternative supply routes outside the Hormuz corridor has become an urgent priority in addressing the current energy crisis.

 

To this end, the delegation met with President Mohamed bin Zayed, Khaldoon Khalifa Al Mubarak — Director General of the Abu Dhabi Executive Affairs Authority and UAE Special Envoy for Korea — and Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and CEO of ADNOC, reaching agreement that Korea may conduct emergency crude oil purchases from the UAE at any time as the situation in the Middle East develops.

 

As a result, a total of 18 million barrels of crude oil has been confirmed for emergency import through multiple supply channels. Specifically, three UAE-flagged vessels will deliver 6 million barrels, with an additional 12 million barrels to follow aboard six Korean-flagged vessels — bringing the total to 18 million barrels. A vessel carrying naphtha is additionally en route to Korea at this time. Including the 6 million barrels received in the previous supply arrangement, Korea will have received a total of 24 million barrels in emergency imports from the UAE.

 

This energy agreement is expected to contribute significantly to stabilizing the crude oil supply-and-demand situation.

 

The two countries also agreed to strengthen cooperation on long-term energy supply in preparation for potential further disruptions to supply chains, in addition to addressing immediate-term needs. To this end, the two sides reached an agreement to sign a Memorandum of Understanding on crude oil supply chain cooperation — covering the exploration of alternative supply routes, among other provisions — with the signing expected to take place in the near future.

 

Consular and Humanitarian Cooperation

The delegation expressed its sincere gratitude to President Mohamed bin Zayed for his extensive support in facilitating the safe and timely return of Korean nationals, and formally requested his continued attention to the welfare of Korean citizens still residing in the UAE.

 

From the very outset of the Middle East crisis, real-time information sharing and coordination of necessary measures were conducted through a dedicated hotline between myself and Director General Khaldoon. As a result, beginning March 6 — one week into the crisis — the UAE promptly lifted its airspace closure, with UAE-flag carriers resuming direct flights to Korea from Dubai and Abu Dhabi.

 

On March 8 in particular, an Etihad Airways charter flight was arranged, enabling swift repatriation assistance. Of the approximately 3,500 short-term Korean visitors in the UAE at the time, roughly 3,000 have since returned home safely.

 

Closing Remarks

This visit reaffirmed that Korea and the UAE — bound by a Special Strategic Partnership — are true friends who stand by one another in difficult times.

 

Both sides also shared the view that, as the situation in the Middle East normalizes on the basis of the UAE's resilience and leadership, the bilateral relationship will emerge stronger than before.

This concludes the report on the UAE visit.

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(Press Release translated by AI, edited by David Kendall)

David Kendall 기자 david@djournal.kr
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