South Korea's industry ministry said on Wednesday it is on track to receive delivery of the combined 24 million barrels of crude oil that the United Arab Emirates pledged to export to South Korea since the Middle East crisis began.
Of the initial six million barrels announced on March 6, unloading of two million barrels began on March 30, with another two million barrels due to arrive in early-to-mid-April. A further two million barrels held in joint storage in South Korea have already been delivered to domestic refiners, the ministry said.
An additional two million barrels secured through a joint stockpiling agreement with Abu Dhabi National Oil Company (ADNOC) were unloaded at the Korea National Oil Corporation's Yeosu storage terminal on March 25.
A further two million barrels contracted with private refiners were loaded on March 29 after a UAE port partially resumed operations after being struck, with arrival in South Korea expected in mid-April.
This leaves 14 million barrels still to be accounted for.
South Korea says it has received assurances from the UAE that it will be given "top priority" in crude supply, with remaining volumes to follow on a rolling basis.
(Reporting by Joyce Lee Editing by Ed Davies)