Kang Hoonshik: "Emergency Import of Over 6 Million Barrels of Crude Oil from UAE Finalized"... Proactive Securing of Energy Safety Net

Chief of Staff Kang Hoonshik’s Briefing
4 Million Barrels to Be Secured First via Alternative Ports
Additional 2 Million Barrels from Joint Stockpiles Secured

The South Korean government has finalized the emergency import of over 6 million barrels of crude oil from the United Arab Emirates (UAE) in response to the blockade of the Strait of Hormuz due to instability in the Middle East. As concerns mount over potential disruptions to crude oil shipments caused by the crisis in the Middle East, the government is taking preemptive measures to secure a safety net for domestic energy supply by utilizing alternative ports and jointly stored reserves.

Yonhap News

At a briefing held at the Chunchugwan Press Center in the Blue House on March 6, Kang Hoonsik, Chief Presidential Secretary, announced, "Under the directive of President Lee Jaemyung, we have negotiated with the UAE on emergency crude oil imports, and the import of more than 6 million barrels of crude oil has been confirmed."

This measure is intended to prepare for the possibility of a prolonged blockade of the Strait of Hormuz. According to the government, about 70% of crude oil imported to Korea passes through the Strait of Hormuz. In fact, it has been reported that numerous oil tankers and cargo ships are currently waiting to pass through the area. In response, the government raised the resource security crisis alert to the 'Attention' level as of 3 p.m. the previous day, and is now focusing all efforts on securing crude oil in advance through alternative supply chains.

Kang explained, "Specifically, we will immediately dock two Korean-flagged oil tankers, each capable of carrying 2 million barrels, at alternative UAE ports that do not require passage through the Strait of Hormuz. In addition, we will load and ship to Korea approximately 4 million barrels of crude oil currently stored at UAE state oil company facilities. Furthermore, we have received a commitment from the UAE that, if Korea wishes, up to 2 million barrels of jointly stored reserves kept in the UAE for Korea can be supplied at any time." The government also plans to continue expanding crude oil imports through alternative ports beyond these two tankers.

The government expects that securing more than 6 million barrels this time will not be a mere symbolic gesture, but will help stabilize the market by calming anxieties. Kang stated, "The emergency import of more than 6 million barrels of UAE crude oil—more than twice Korea's daily oil consumption—will contribute not only to energy supply stability but also to stabilizing oil prices, which have recently been reacting excessively."

Kang also emphasized that there is not yet an immediate crude oil shortage. The government, during its recent review of the Middle East situation, confirmed that Korea holds oil and petroleum product reserves equivalent to 208 days under the International Energy Agency (IEA) standard. While the likelihood of a short-term supply crisis is low, the key to this measure, according to Kang, is to broaden alternative supply channels and secure additional import routes in preparation for a potential prolonged crisis.

Describing the emergency import as "the result of strategic economic cooperation between the two countries," Kang said, "If the Korean air defense system 'Cheongung' symbolizes security cooperation with the UAE, this crude oil support is an example of the UAE backing Korea's energy security." The government will continue efforts to minimize supply instability through cooperation with allied nations.

This content was produced with the assistance of AI translation services.