Korea and UAE Strengthen Energy Alliance... Expanding Cooperation on Crude Oil and Nuclear Power

Minister Kim Jungkwan Visits UAE to Review 24 Million-Barrel Crude Oil Supply
Expansion of Barakah Nuclear Power Cooperation and Joint Entry into Third-Country Markets Discussed

Kim Jungkwan, Minister of Trade, Industry and Energy, is posing for a commemorative photo with Sharif Salim Al Olama, Deputy Minister of Energy and Infrastructure of the United Arab Emirates (UAE), before their meeting at the UAE Ministry of Energy and Infrastructure on the 16th. Ministry of Trade, Industry and Energy

Kim Jungkwan, Minister of Trade, Industry and Energy, who is on a tour of three Middle Eastern countries, visited the United Arab Emirates (UAE) after stops in Saudi Arabia and Qatar to strengthen cooperation on crude oil supply chains and nuclear power. Amid ongoing global energy supply and demand uncertainties, he reviewed the emergency crude oil procurement situation from the UAE and discussed full-cycle nuclear power cooperation based on the Barakah Nuclear Power Plant, as well as strategies for jointly entering third-country markets.

The Ministry of Trade, Industry and Energy announced that on June 16, Minister Kim concluded his tour of the three Middle Eastern countries (Saudi Arabia, Qatar, and the UAE) by visiting the UAE, where he held a series of meetings with representatives from Abu Dhabi National Oil Company (ADNOC), the UAE Ministry of Energy Infrastructure, and Emirates Nuclear Energy Corporation (ENEC).

The UAE is the only country in the Middle East with which South Korea maintains a special strategic partnership, and it is Korea's third-largest source of crude oil imports. During a presidential special envoy’s visit to the UAE in March, the UAE pledged to prioritize crude oil supply to Korea in the event of a global oil supply emergency.

On this day, Minister Kim met at ADNOC headquarters with Musabbeh Al Kaabi, CEO of the Upstream Directorate, and others to review whether the planned supply of 24 million barrels of crude oil—promised as an emergency measure by the UAE—is proceeding as scheduled. Both sides discussed cooperation measures to ensure continued stable oil supply in the future and agreed to continue consultations on joint crude oil stockpiling projects, which are of particular interest to the UAE.

They also discussed potential cooperation regarding projects in which the UAE is expanding oil pipeline networks and underground crude oil storage facilities, aiming to establish a supply chain that bypasses the Strait of Hormuz. Minister Kim requested the UAE’s attention and support to ensure that Korean companies can participate in key energy infrastructure projects.

Cooperation in the nuclear power sector will also be expanded. Minister Kim met with Sharif Salim Al Olama, Deputy Minister of Energy Infrastructure of the UAE, and Mohamed Al Hammadi, CEO of ENEC, to review the current status of Barakah Nuclear Power Plant cooperation. Both sides agreed to develop specific joint projects covering the entire nuclear power cycle, including nuclear fuel supply, maintenance cooperation, and the operation of nuclear plants utilizing artificial intelligence (AI) and digital transformation (DT) technologies.

Furthermore, they discussed strategies for jointly entering third-country nuclear power markets based on the successful experience at the Barakah Nuclear Power Plant. The discussions covered a wide range of topics, including the selection of target countries, establishment of collaboration frameworks, division of roles, and financial and investment cooperation.

Regarding the recent drone attack on transmission facilities near the Barakah Nuclear Power Plant, both countries agreed to expand information and technology sharing on nuclear power plant protection systems. This is a follow-up to the measures discussed during a videoconference between the two countries' ministers in May, focusing on restoring transmission facilities and enhancing the safety of Korean workers on site.

Minister Kim stated, "The UAE has remained a key partner supporting the stability of Korea’s resource and energy supply chains, even amid uncertain conditions in the Middle East. We have reaffirmed that our cooperation on crude oil supply has developed beyond a simple trade relationship into a strategic partnership that functions in any crisis situation."

He added, "We will further advance our strategic partnership by deepening cooperation in nuclear power operation and maintenance, joint entry into third-country markets, and protection sectors, as well as by expanding opportunities for Korean companies to participate in major plant infrastructure projects."

This content was produced with the assistance of AI translation services.