Ministry: UAE oil supply to Korea on schedule; nuclear, plant cooperation to expand

The United Arab Emirates (UAE) is proceeding with its commitment to supply 24 million barrels of crude oil to South Korea as scheduled, according to the Ministry of Trade, Industry and Energy. This assurance comes amid growing global oil supply uncertainties due to escalating Middle East tensions.

Beyond the immediate oil supply, South Korea and the UAE are broadening their strategic partnership. Discussions are underway for joint crude oil stockpiling and the development of alternative supply routes that circumvent the Strait of Hormuz. This move aims to secure a more stable energy flow for South Korea, which relies significantly on Middle Eastern oil.

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Through this visit, we confirmed that the cooperation between our two countries on oil supply has evolved from a simple trade relationship into a strategic one that functions even in times of crisis.

The collaboration extends to the nuclear power sector, building on the successful construction of the Barakah nuclear power plant by a South Korean-led consortium. Both nations are exploring comprehensive cooperation throughout the nuclear fuel cycle, including stable fuel supply, maintenance, and the application of advanced technologies like AI and digital transformation in plant operations.

Furthermore, South Korea and the UAE plan to jointly pursue opportunities in third-country nuclear power markets. This includes identifying potential markets, establishing cooperative frameworks, and defining roles for their respective companies. In response to a recent drone attack near the Barakah plant, both countries have agreed to enhance information and technology exchange regarding nuclear facility defense systems.

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We will deepen cooperation in nuclear power operation and maintenance and joint ventures in third countries, and expand opportunities for Korean companies in the plant infrastructure sector.