South Korea and Saudi Arabia have agreed to strengthen long-term cooperation in the energy sector.
The Ministry of Trade announced that Minister Kim Jung-kwan met with Saudi Energy Minister Abdulaziz bin Salman in Saudi Arabia on June 14, where they signed a memorandum of understanding (MOU) on cooperation in the oil and gas sectors.
The ministry detailed that the two countries will collaborate in several areas, including: oil stockpiling, pipeline infrastructure development, technological innovation in energy resources using artificial intelligence and digital transformation, technology development for environmental and economic sustainability, petrochemical material development and utilization, infrastructure development to enhance access to energy resources, and inter-company cooperation.
Earlier, Minister Kim visited Saudi Arabia in April as a follow-up to the presidential special economic envoy's visit, where he assessed the supply situation of crude oil and naphtha. At that time, both sides agreed to ensure that the agreed quantities would be supplied without disruption until the end of the year.
Additionally, Kim met with Saudi Minister of Investment Fahad Al-Saif and Minister of Industry and Mineral Resources Bandar Al-Khorayef to review the progress of local projects by South Korean companies.
He examined the Hyundai Motor-Saudi Public Investment Fund (PIF) vehicle assembly plant project, which is set to begin full-scale production next year, and the IMI project, a joint shipyard between HD Korea Shipbuilding & Offshore Engineering and Aramco, the largest in the Middle East, and requested active support from the Saudi government.
Notably, the collaboration will focus on Saudi mineral resources, South Korean technology, and mineral demand, aiming for comprehensive cooperation from mining to refining, processing, and advanced industrial development.
Minister Kim stated, "In a situation where global supply chain instability persists, reaffirming the stable supply of key national resources and laying the groundwork for long-term resource cooperation is a significant achievement of this visit to Saudi Arabia. We will continue to expand economic cooperation in various fields, including manufacturing and advanced industries."
* This article has been translated by AI.
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