Korea National Oil Corporation (KNOC) said on the 25th that it is receiving 2 million Barrel of crude oil at the Yeosu oil stockpiling base, secured through an international joint stockpiling project with Abu Dhabi National Oil Company (ADNOC) of the United Arab Emirates (UAE).
Korea National Oil Corporation (KNOC) has completed the necessary procedures to exercise the right of first refusal on the UAE international joint stockpiled crude received this time so that it will not be shipped overseas and can be supplied domestically, and plans to supply it to domestic refiners in April.
This crude intake is part of the volumes under cooperation measures between the governments of Korea and the UAE and will continue to be introduced sequentially starting with this shipment. Previously, Yang Ki-uk, director general for Industry and Resource Security at the Ministry of Trade, Industry and Resources, said at a daily briefing at the Government Sejong Complex on the 23rd that "of the 24 million Barrel to be imported from the UAE, 4 million Barrel will arrive in two batches at the end of March and on April 1, and the arrival of 18 million Barrel is also scheduled to begin in early to mid-April."
Since Feb. 28, when the Middle East crisis broke out, Korea National Oil Corporation (KNOC) has supplied a total of 9.87 million Barrel of international joint stockpiled crude stored at the corporation's bases to domestic refiners. A Korea National Oil Corporation (KNOC) official said, "This volume is equivalent to 10% of the government's stockpiled oil (1.0 billion Barrel), and in a crude supply crisis, without releasing government stockpiles, we supplied crude domestically through the international joint stockpiling project, contributing to stabilizing petroleum supply and demand."
The international joint stockpiling project leases idle facilities among the stockpiling facilities owned by Korea National Oil Corporation (KNOC) to national oil companies of oil-producing countries, ensuring that the supplied volumes are made available to domestic refiners. In times of oil supply and demand crises, the right-of-first-purchase clause ensures the volumes are supplied domestically.