UAE's ADNOC signs energy security deal with South Korea

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UAE’s ADNOC signs energy security deal with South Korea

July 8, 2026

DUBAI,— Abu Dhabi National Oil Co., the UAE’s state energy giant ADNOC, announced Wednesday it has reached a long-term energy security agreement with South Korea.

The deal aims to strengthen cooperation on crude oil supply, coordination during emergency situations, and strategic crude storage, the company said.

The agreement builds on prior arrangements between the two nations, including a March pledge by the United Arab Emirates to provide South Korea with as much as 24 million barrels of crude oil.

The announcement came as Sultan al-Jaber, ADNOC’s Group CEO and the UAE’s Minister of Industry and Advanced Technology, visited South Korea.

ADNOC said both sides will work to increase long-term crude deliveries to South Korean refiners, strengthen joint responses during supply emergencies, including identifying backup export routes, and expand cooperation on international crude stockpiling within South Korea.

Seoul also agreed to back discussions allowing ADNOC access to domestic crude storage sites, including those tied to Korean refining operations, according to ADNOC.

South Korea’s industry minister, Kim Jung-kwan, said Wednesday that as conditions in the Middle East continue shifting, maintaining reliable supply chains for essential resources remains a top priority.

He said Seoul must deepen its strategic ties with the UAE, calling it a vital energy partner.

South Korea relies almost entirely on imported energy, with roughly 70% of its oil coming from the Middle East.

Earlier this year, regional conflict pushed Seoul to explore alternative suppliers, including Kazakhstan.

Separately, South Korea and the UAE reached a defense cooperation agreement in February 2026, signing a memorandum of understanding covering projects that could exceed $35 billion in value, a senior South Korean official said.

(With files from Reuters)