Finalizes long-term crude supply and storage cooperation
ADNOC has strengthened its long-term energy security partnership with the Republic of Korea through a Strategic Collaboration Agreement (SCA) with Korea’s Ministry of Trade, Industry and Resources (MOTIR), to expand cooperation on crude supply, emergency supply coordination and strategic crude storage.
Signed during the visit to Seoul by HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC, and Executive Chairman of XRG, the agreement reinforces the UAE’s role as a reliable, resilient and long-term energy partner to Korea and other major customers across Asia.
Building on the long-standing UAE-Korea energy partnership, and the Korean Presidential Special Envoy’s visit to Abu Dhabi in March 2026, the agreement covers the supply of up to 24mn barrels of UAE crude to Korea. It also reinforces ADNOC’s position as a reliable and resilient supplier of energy to its customers in Korea and across Asia.
New opportunities
“As global energy markets continue to evolve, we look forward to working with our Korean partners to unlock new opportunities for industrial cooperation, shared growth and lasting economic value for both countries,” stated HE Dr. Sultan Al Jaber.
The agreement was signed by Dr. Al Jaber during a meeting with HE Kim Jung-kwan, Minister of Trade, Industry and Resources of the Republic of Korea, where the two sides discussed ways to deepen UAE-Korea cooperation across energy security, crude supply, strategic storage, lower-carbon energy, petrochemicals, trade, investment, industry, advanced technology and artificial intelligence.
While in Seoul, Dr. Al Jaber held a series of meetings with senior leaders from major Korean energy and industrial companies, including Seahong Hur, Board Chair and CEO of GS Caltex; Yeon Hye Choi, President and CEO of KOGAS; Dong Kwan Kim, Vice Chairman of Hanwha Group; Choo Hyeong-Wook, President and CEO of SK Innovation; Jong-Hwa Kim, President and CEO of SK Energy; Hong Namkoong, President and CEO of Samsung E&A; and Joo Suk Son, President and CEO of KNOC. Discussions focused on opportunities to expand commercial, industrial and technology cooperation, strengthen long-term energy partnerships and support shared growth across the UAE-Korea energy value chain.
