Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz met with South Korean Minister of Trade, Industry and Resources Kim Jong-hwan in Riyadh today to discuss common interests and ways to strengthen cooperation and investment in the energy sector.
After the meeting, the two countries signed a memorandum of understanding in the oil and gas sector, aiming to strengthen cooperation between Saudi Arabia and South Korea in a way that supports the common interests of the two countries and strengthens the partnership between the two countries.
The MoU includes the development of investment partnerships related to the energy sector, including cooperation in the fields of oil and gas and derivatives, refining and petrochemicals, and cooperation to increase the storage of Saudi crude oil in the Korea Strategic Petroleum Reserve, which increases the security and flexibility of supply. Opportunities for cooperation between the two countries in the development of infrastructure projects related to crude oil pipelines connecting production and export facilities were also discussed. The memorandum also refers to strengthening cooperation in the areas of innovation, advanced technology and digital transformation, building partnerships in research and development, and supporting initiatives related to sustainability and infrastructure development in the energy sector.
Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz met with South Korean Minister of Trade, Industry and Resources Kim Jong-hwan in Riyadh today. The two leaders discussed topics of mutual interest and ways to strengthen cooperation and investment in the energy sector.
After the meeting, the two countries signed a memorandum of understanding in the oil and gas sector, aimed at strengthening cooperation between Saudi Arabia and South Korea to support the common interests of the two countries and strengthen their partnership.
The MoU includes cooperation in the fields of oil and gas and derivatives, refining and petrochemicals, and the development of investment partnerships related to the energy sector, including cooperation to increase the storage of Saudi crude oil in the Korean Strategic Petroleum Reserve, thereby increasing the security and flexibility of supply. Opportunities for cooperation between the two countries in the development of infrastructure projects related to crude oil pipelines connecting production and export facilities were also discussed. The memorandum also refers to strengthening cooperation in the fields of innovation, advanced technology and digital transformation, building partnerships in research and development, and supporting initiatives related to sustainability and infrastructure development in the energy sector.
