UAE Announces that South Korea is their #1 Priority for Oil Exports
It looks like the tight relationship that South Korea has built with UAE over many years is now paying off with this announcement:
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.
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