S. Korea secures extra supply of crude oil from UAE: presidential aide

Kang Hoon-sik, the presidential chief of staff, made the announcement in a briefing after returning from his trip to the UAE, amid concerns over global energy markets with the U.S.-Israeli attack on Iran and Tehran's retaliatory strikes entering their third week.

The UAE clearly promised us that no country would receive crude oil ahead of South Korea and that we are the 'No. 1 priority' in terms of its oil supply, Kang said.

"We have agreed to make emergency purchases of crude oil from the UAE at any time," he added, noting that South Korea has secured the import of an additional 18 million barrels of crude oil.

The additional supply includes 6 million barrels via three UAE-flagged vessels and 12 million barrels through six Korean-flagged vessels.

The two sides have agreed to sign a memorandum of understanding on cooperation in the supply chain of crude oil, including efforts to explore alternative supply routes. The MOU is expected to be signed in the near future, Kang said.

We have avoided the worst-case scenario regarding the supply of crude oil, he said. "At the very least, we will not face difficulties in supplying crude oil to South Korea."

With the latest arrangement, South Korea is set to receive 24 million barrels of crude oil from the UAE, including an earlier agreement of 6 million barrels, according to Kang.

When asked whether arms exports were discussed during his visit, Kang declined to elaborate, saying, "It is not appropriate to link this issue with the crude oil supply."

Kang also remained cautious about commenting on whether the United States had formally asked South Korea to deploy warships to the Middle East.

There has been no official request from the U.S. yet, he said. "Now is not the appropriate time to give an immediate response."

Around 3,000 of the 3,500 South Korean nationals staying short term in the UAE have returned back home safely, he added, noting that he delivered a letter from Lee to President Mohamed bin Zayed Al Nahyan, expressing his appreciation for the Emirati leader's support.

Kang's trip comes just three weeks after his previous visit to the UAE in late February, during which the two countries agreed to pursue cooperation projects worth more than US$65 billion, including over $35 billion in the defense industry.

Earlier, it was reported the Japanese government began releasing oil from its reserves on Monday to address potential supply disruptions caused by Iran’s effective closure of the Strait of Hormuz following U.S.-Israeli strikes on Iran.