The South Korean government has reached a significant agreement with the United Arab Emirates for an urgent additional shipment of 18 million barrels of crude oil and has been granted 'highest priority' status amid the ongoing war between Iran and the U.S.-Israel coalition, which has entered its third week.
Kang Hun-sik, Secretary to the South Korean Presidential Office, revealed after returning from an official visit to the UAE that the UAE government has pledged to prioritize South Korea first in crude oil deliveries to ensure South Korea does not face an energy shortage during the global crisis.
Kang stated at a press conference, "The UAE will deliver 6 million barrels via three UAE-flagged vessels, and another 12 million barrels will be delivered by six South Korean-flagged ships." He added, "The UAE has clearly promised that no other country will receive crude oil before South Korea, making us their number one priority for oil shipments."
Additionally, both countries have agreed on measures to purchase emergency crude oil supplies at any time. Currently, South Korea can increase its oil reserves by a total of 24 million barrels, comprising the previous agreement for 6 million barrels and the latest deal for 18 million barrels.
The two sides plan to sign a Memorandum of Understanding (MOU) on cooperation regarding the crude oil supply chain, including exploring alternative transport routes to avoid disruptions from regional conflicts. Kang emphasized, "We have avoided the worst-case scenario for crude oil supply, and at minimum, South Korea will not experience energy shortages during this period."
Despite reports of other cooperation areas, Kang declined to provide details on whether arms exports were discussed during this visit, stating that it was inappropriate to link such matters with the crude oil agreement.
He also remained cautious when asked whether the U.S. had requested South Korea to send warships to the Middle East for joint operations, saying, "There has been no formal request from the U.S. yet, and now is not the right time to provide an immediate answer."
The current war has led the South Korean government, the world's fourth-largest oil importer, to implement fuel price control measures for the first time in nearly 30 years due to its high energy demand of approximately 2.5 million barrels per day (data as of end 2024). Meanwhile, the government has expedited the evacuation of more than 3,000 South Korean short-term residents from the UAE for their safety.
This visit marks Kang's second trip to the UAE in less than a month, following a prior agreement between the two countries on cooperation projects worth over 65 billion U.S. dollars, including defense industry collaboration valued at over 35 billion dollars.