Adnoc has signed an agreement with South Korea to “expand cooperation on crude supply, emergency supply coordination and strategic crude storage.” Asian oil importers such as Korea are widely expected to boost their strategic oil inventories in the wake of the Hormuz crisis given their economies’ dependence on Middle East oil, and Adnoc is making the early running in signing up to provide supplies.
The Strategic Collaboration Agreement (SCA) was signed with Korea’s Ministry of Trade, Industry and Resources (Motir) on 8 July during Adnoc CEO Sultan al-Jaber’s visit to the country. It covers the supply of up to 24mn barrels of crude from the UAE to Korea, Adnoc said, which will help rebuild inventories drained by the Hormuz crisis. (CONTINUED - 268 WORDS)