Presidential Chief of Staff Kang Hoon-sik speaks during a briefing at Cheong Wa Dae in central Seoul on Friday. The presidential office said South Korea will receive more than 6 million barrels of crude oil from the UAE. Photo by Yonhap
South Korea will receive more than 6 million barrels of crude oil from the United Arab Emirates (UAE), Cheong Wa Dae said Friday, amid concerns over energy prices due to the escalating conflict in the Middle East.
Kang Hoon-sik, the presidential chief of staff, announced the plan to purchase crude oil from the Gulf state in a briefing as the U.S.-Israeli attack on Iran and Tehran’s retaliatory strikes in the region have sparked fears of an energy crisis.
“At the instructions of President Lee Jae Myung, we have made consultations over measures to introduce crude oil and as a result, an emergency introduction of more than 6 million barrels has been confirmed,” he said, noting the move is expected to help stabilize oil prices.
Kang stressed the need for the emergency measure, noting that 70 percent of crude oil supplied to South Korea passes through the Strait of Hormuz, which has effectively been shut down due to the conflict.
Two South Korean oil tankers will be sent to a UAE port that does not require passage through the strait to receive 4 million barrels of crude oil, he said, adding the UAE pledged to provide 2 million barrels from a joint reserve stored in South Korea.
The total amount is equivalent to more than two times the supply used by South Korea a day, he said.
Meanwhile, Kang said a passenger flight carrying South Korean nationals has left Dubai and is scheduled to arrive at Incheon International Airport, just west of Seoul, at 7:30 p.m. Friday, following talks with the UAE on measures for their safe return.
Commercial flights from Abu Dhabi are expected to resume Saturday, while a chartered Korean Air flight will also be dispatched, he said, noting that he held talks with Khaldoon Khalifa Al Mubarak, chairman of Abu Dhabi’s Executive Affairs Authority.
“Currently, 18,000 South Koreans are in 14 Middle East nations, and some 4,900 of them are short-term travelers,” he said. “Among the short-term travelers, 3,500 of them are currently staying in the UAE and Qatar, and waiting to return home.”
“We will continue consultations with the UAE to bring all of our citizens back home as soon as possible.”
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