World
South Korea secures 4m barrel oil deal with UAE
South Korea has reached an agreement to import about four million barrels of crude oil from the United Arab Emirates as tensions from the ongoing war involving the United States, Israel and Iran continue to disrupt global energy markets.
The move comes after Iran claimed it had taken control of the strategic Strait of Hormuz, a narrow but vital passage in the Gulf through which nearly one-fifth of the world’s crude oil supply is transported.
Because a large share of its oil imports normally passes through the strait, South Korea said it had already dispatched tankers to the United Arab Emirates to secure alternative fuel supplies and help stabilise its energy needs.
“We plan to immediately berth two South Korean-flagged oil tankers, each with a capacity of 2 million barrels at alternative ports within the UAE that do not require passage through the Strait of Hormuz,” said presidential chief of staff Kang Hoon-sik.
Seoul also secured a pledge that “up to 2 million barrels from the jointly held strategic reserves that the UAE stores in South Korea can be made available at any time upon request,” Kang said.
South Korea is the fourth-largest importer of crude oil in the world, according to US government figures.
About 70 percent of the crude oil South Korea imports passes through the Strait of Hormuz, according to the government.
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