According to the Ministry, Minister Kim met with heads of key Saudi ministries over two days starting June 13 to discuss ways to expand resource and industrial cooperation. This visit follows a delegation sent by the South Korean president in April to explore further collaboration in the region.
Saudi Arabia is the largest supplier of crude oil to South Korea. During the April delegation's visit, Saudi officials pledged to prioritize the supply of crude oil and naphtha to South Korea. With increasing uncertainty in the international energy market, the South Korean government is working to stabilize supply chains through cooperation with major oil-producing countries.
Minister Kim first met with Abdulaziz bin Salman, the Saudi Minister of Energy, to review the current status of crude oil and naphtha supplies between the two countries and agreed to ensure that the promised volumes are delivered without disruption by the end of the year.
In addition to securing short-term resource supply stability, the two nations signed a memorandum of understanding (MOU) to strengthen long-term cooperation in the oil and gas sectors. The MOU includes provisions for oil storage and pipeline infrastructure development, energy technology innovation utilizing artificial intelligence (AI) and digital transformation, and expanding collaboration in the petrochemical sector.
Efforts were also made to support major projects undertaken by South Korean companies in the region. Minister Kim met with Fahad Al-Saif, the Minister of Investment, and Bandar Al-Khorayef, the Minister of Industry and Mineral Resources, to review the progress of key collaborative projects, including a local vehicle assembly plant being developed by Hyundai Motor and the Saudi Public Investment Fund (PIF), as well as the IMI shipyard project by HD Hyundai Heavy Industries and Aramco.
The Hyundai-PIF joint plant is expected to produce 50,000 electric and internal combustion vehicles annually, while the IMI shipyard plans to build around 40 very large crude carriers each year, making it the largest shipyard in the Middle East.
Furthermore, both countries expressed their intention to expand cooperation beyond the automotive and shipbuilding sectors into minerals and advanced industries. They agreed to establish a collaborative framework that connects Saudi mineral resources with South Korean refining and processing technologies, covering everything from mining to processing and utilization in advanced industries.
Minister Kim Jeong-kwan stated, "In the context of ongoing global supply chain instability, reaffirming the stable supply of key resources such as crude oil and naphtha and laying the groundwork for long-term resource cooperation are the main achievements of this visit. We will continue to expand cooperation into manufacturing and advanced industries based on the results of our industrial collaboration to date."
Following his visit to Saudi Arabia, Minister Kim plans to travel to Qatar and the United Arab Emirates (UAE) to discuss cooperation in nuclear power, plants, and new industries.
* This article has been translated by AI.
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