Abu Dhabi National Oil Co., d/b/a Adnoc, signed a new deal with South Korea to expand their ongoing energy partnership to expand cooperation on long-term supply and storage of crude, according to a Wednesday release.
Under the new terms of the strategic collaboration agreement, the United Arab Emirates' state-owned oil producer will supply up to 24 million barrels of crude oil to the East Asian country. The deal was signed with South Korea's Ministry of Trade, Industry and Resources.
Adnoc and the South Korean government will partner to increase volumes of long-term crude to local refiners, improve crisis response coordination and further joint international oil stockpiling efforts in the country. The framework leverages Adnoc's existing crude storage footprint in the nation, including at its Yeosu facility.
Additionally, the trade ministry aims to back discussions regarding Adnoc's access to South Korea's crude oil storage facilities, including those integrated with refining assets, in an effort to enhance supply resilience and reliability alongside operational flexibility.
To protect against unexpected disruptions, the partnership also aims to explore alternative export routes to guarantee a continuous supply of crude to South Korean customers.
"The UAE and the Republic of Korea have built a true two-way partnership that extends beyond energy supply into industry, technology and investment. Through this agreement, ADNOC is reinforcing its commitment to Korea's long-term energy security by strengthening dependable crude supply, emergency preparedness and strategic storage cooperation. As global energy markets continue to evolve, we look forward to working with our Korean partners to unlock new opportunities for industrial cooperation, shared growth and lasting economic value for both countries," Adnoc Chief Executive Officer and Managing Director Sultan Al Jaber said.
