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UAE's Adnoc, South Korea Partner on Crude Supply, Energy Security

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UAE state-owned energy producer Abu Dhabi National Oil will partner with South Korea to bolster its energy security with cooperation on crude supply, emergency supplies and strategic oil storage, the company said in a statement on Wednesday.

The company signed an agreement with Korea's Ministry of Trade, Industry and Resources, or MOTIR, it said.

The agreement was signed Adnoc CEO and UAE Minister of Industry and Advanced Technology Sultan Al Jaber.

It covers the supply of up to 24 million barrels of UAE crude to Korea, it said, without specifying over what period or under what conditions.

ADNOC already cooperates on crude storage in Korea, including at the Yeosu facility and forthcoming discussions between MOTIR and ADNOC will cover the company's access to more storage facilities including some linked to Korean refineries.

The agreement between the parties will seek to boost cooperation on alternative export routes that lessen disruption risks, the statement said.

The recent months-long closure of the Strait of Hormuz left Asian countries more exposed to supply disruption than other regions, given their heavy reliance on Middle Eastern supplies.

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