Seoul, April 2 (SANA) South Korea said Wednesday that emergency shipments of crude oil from the United Arab Emirates are on their way under a bilateral agreement, as supply concerns grow amid disruption to shipping through the Strait of Hormuz.
According to Yonhap News Agency, Industry Minister Kim Jung-kwan said in a press statement that South Korea has secured 24 million barrels of crude oil from the UAE, describing the shipments as critical to stabilizing supplies.
“We have already secured 24 million barrels of oil from the United Arab Emirates, providing much-needed relief to stabilize crude oil supplies,” Kim said.
He added that the energy cooperation framework between the two countries would help address future energy security challenges.
Last month, the UAE agreed to supply South Korea with 24 million barrels of crude oil as a priority amid disruptions in maritime traffic through the Strait of Hormuz linked to the ongoing U.S.-Israeli–Iran conflict.
The South Korean government said Tuesday it had raised its resource security crisis alert level to Level 3, citing concerns over potential disruptions to supplies.
Officials said the country has already observed disruptions in supply flows following the disruption of shipping routes through the Strait of Hormuz since late February.
N.J/A.B
