2 Million Barrels of UAE Crude from International Joint Stockpile Delivered to KNOC Yeosu Storage Facility

Crude Oil Secured Through Korea-UAE Government Cooperation
Supplied Domestically by Exercising Preemptive Purchase Rights

Amid the ongoing resource security crisis alert, it has been confirmed that crude oil secured through cooperation between the Korean and UAE governments is being supplied domestically.

Korea National Oil Corporation (President: Son Joosuk) announced on March 25 that it is in the process of bringing in 2 million barrels of crude oil—secured as part of an international joint stockpiling project with Abu Dhabi National Oil Company (ADNOC)—to its Yeosu oil stockpiling base.

The corporation exercised its preemptive purchase rights for this volume. All procedures to ensure that the oil will be supplied domestically without overseas export have been completed. The entire volume is scheduled to be supplied to local refineries in April.

This volume is part of the introduction resulting from the Korea-UAE government cooperation. Starting with the initial 2 million barrels, additional quantities will be brought in sequentially.

Since the outbreak of the Middle East crisis, the corporation has been utilizing international joint stockpiled crude oil to respond to supply and demand stabilization. Since February 28, 9.87 million barrels of international joint stockpiled crude oil stored at the corporation’s facilities have been supplied to domestic refineries.

This accounts for about 10% of the government’s total strategic reserves of 100 million barrels. The plan is to maintain supply stability by continuing to provide oil from international joint stockpiles, without releasing government-held reserves.

The international joint stockpiling project involves the corporation leasing its storage facilities to national oil companies from oil-producing countries. The supplied oil is provided to domestic refineries, and a structure is in place to guarantee domestic supply by exercising preemptive purchase rights in times of supply crisis.

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