ADNOC expands long-term crude supply partnership with South Korea

The agreement, signed during ADNOC Managing Director and Group CEO Dr. Sultan Al Jaber's visit to Seoul, builds on the long-standing energy relationship between the United Arab Emirates and South Korea and reinforces ADNOC's role as a key crude supplier to the country's refiners.

The collaboration includes provisions covering the supply of up to 24 MMbbl of UAE crude oil to South Korea, while expanding cooperation on strategic stockpiling and emergency supply planning. The agreement also supports discussions on ADNOC's continued access to crude storage infrastructure in South Korea, including facilities connected to domestic refining assets.

"Through this agreement, ADNOC is reinforcing its commitment to Korea's prolonged energy security by strengthening dependable crude supply, emergency preparedness and strategic storage cooperation," Al Jaber said.

According to ADNOC, the agreement aims to enhance supply resilience by strengthening prolonged crude deliveries, enhancing coordination during possible supply disruptions and supporting alternative export routes that decrease exposure to geopolitical risks.

The agreement builds on ADNOC's existing crude storage operations in South Korea, including its strategic storage arrangement at the Yeosu facility, which has supported supply flexibility to Korean refiners.

During the visit, Al Jaber also met with South Korean government officials and executives from major energy and manufacturing companies to discuss opportunities to expand cooperation across the oil, gaseous, petrochemical and energy sectors.

South Korea has relied on UAE crude supplies to greater than four decades, with ADNOC remaining one of the country's principal prolonged suppliers.