Oil-producing countries showing interest in Korea's oil storage facilities: official
President Lee Jae Myung inspects crude oil tanks at the Korea National Oil Corporation's storage facility in Seosan, South Chungcheong Province, March 26. Yonhap
Major oil-producing countries in the Middle East have shown interest in using South Korea's crude oil storage facilities amid the prolonged conflict in their region, Seoul's senior industry ministry official said Tuesday.
"An increasing number of countries want to use South Korea's oil storage facilities," said Yang Gi-uk, head of the ministry's office of industry, trade and resource security, noting that interest is particularly growing in utilizing Northeast Asian storage bases.
Yang said Middle Eastern countries are also being hit hard by disruptions in their oil shipments due to the shutdown of the Strait of Hormuz as oil exports account for a significant share of their economies.
"Countries, such as Saudi Arabia, the United Arab Emirates (UAE) and Kuwait, rely heavily on crude oil exports for their national economies," he said.
In addition to Abu Dhabi National Oil Co., the UAE's largest petroleum company that already has a joint oil storage agreement with South Korea, other Middle Eastern producers are also in contact, according to the official.
"I can only say there are more countries beyond the UAE," Yang added, noting that the specific names will be disclosed at an appropriate time.