Presidential Chief of Staff Kang Hoon-sik announced on the 6th that South Korea has agreed to urgently import more than 6 million barrels of crude oil from the United Arab Emirates.
South Korea currently maintains approximately seven months (208 days) worth of oil reserves. Including the UAE support, reserves are expected to reach approximately 210 days of supply.
"We will immediately dock two Korean oil tankers at alternative ports in the UAE to load 2 million barrels, plus approximately 4 million barrels stored at ports by the UAE's state oil company, and return as soon as possible," Kang said during a Blue House briefing. The UAE also agreed to provide an additional 2 million barrels from joint reserves stored in South Korea.
"The emergency import of crude oil exceeding twice Korea's daily consumption will contribute to oil price stabilization," Kang said. "Just as Korea's 'Cheongung' air defense system protects UAE's security, UAE's crude oil will contribute to our country's energy security."
Kang also announced flight schedules for Korean nationals stranded in the UAE.
"A UAE Airlines passenger aircraft will depart Dubai and land at Incheon Airport this evening," he said. "Following Emirates, Etihad Airways will also resume operations, while Korean Air will deploy additional flights to expedite the return of our citizens."
Kang noted he coordinated with Khaldoon Khalifa Al Mubarak, Chairman of the Abu Dhabi Executive Affairs Authority, followed by additional consultations between the two countries' foreign ministers.
"Currently, 18,000 Korean nationals are staying in 14 Middle Eastern countries, of which approximately 4,900 are short-term visitors. Among them, 3,500 are waiting for their return in the UAE and Qatar due to flight cancellations," Kang said. "We will continue consultations with the UAE to bring all our citizens home as soon as possible."
