Korea secures 24 mil. barrels of oil from UAE: presidential aide

Kang Hoon-sik, presidential chief of staff and special presidential envoy for strategic economic cooperation, provides a briefing on his visit to the United Arab Emirates at Cheong Wa Dae, Seoul, Wednesday. He said the UAE pledged to supply crude oil to Korea, saying that up to 24 million barrels have been secured from the country. Yonhap

The United Arab Emirates (UAE) has pledged to treat Korea as its top priority for crude oil exports, President Lee Jae Myung's top aide said Wednesday, announcing that a total of 24 million barrels have been secured from the Gulf country as Tehran's blockade of the Strait of Hormuz threatens to squeeze Seoul's energy supply.

"The UAE promised that Korea is the 'No. 1 priority' in supplying crude oil and we agreed that Korea could buy oil anytime through the UAE," presidential chief of staff Kang Hoon-sik said at a briefing.

In addition to 6 million barrels of crude oil under a previous agreement, the UAE promised this time that an additional 18 million barrels would be shipped to Korea. Roughly 6 million barrels will be shipped by three UAE cargo ships, while six Korean vessels will transport the remainder. Kang added that Seoul and Abu Dhabi plan to sign a memorandum of understanding on the oil supply chain in the near future.

The announcement follows a rapid diplomatic push by Kang, who flew to the UAE Sunday for a four-day trip, serving as Lee's special envoy for strategic economic cooperation. His mission was to shore up Korea's energy security as the conflict between the U.S., Israel and Iran escalates.

After Iran began effectively blocking the Strait of Hormuz, U.S. President Donald Trump has been pressuring allies to form an international naval coalition to reopen the strait, though most countries have been reluctant to commit.

About 70 percent of the oil imported by Korea travels through the strait, meaning the blockade has created a major threat to the country's oil supply, with a potentially large economic impact.

Tankers are seen off the coast of Fujairah, United Arab Emirates, as Iran vows to fire on ships transiting the Strait of Hormuz amid the U.S.-Israel conflict with Iran, March 3. REUTERS

Kang also confirmed that one naphtha cargo shipment is already en route to Korea, which has been experiencing a shortage of the petrochemical feedstock.

Beyond the immediate energy situation, Kang framed the deal within the broader arc of Korea-UAE ties, pointing to a February agreement to pursue joint investment projects worth more than $65 billion as evidence of the relationship's depth. He said cooperation has strengthened steadily since the two countries met on the sidelines of the Asia-Pacific Economic Cooperation meetings in Gyeongju, North Gyeongsang Province, last year.

On the question of warship deployment to the strait, Kang said the issue did not come up during his talks with the UAE and that Washington has yet to submit a formal request for Seoul to send vessels.

During the visit, Kang said he met with UAE President Mohamed bin Zayed Al Nahyan and delivered a letter on behalf of Korea's president.

He added that around 3,000 of the roughly 3,500 Korean nationals who had been staying in the Gulf state on short-term visits have returned home on chartered flights.