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Saudi Arabia, Korea agree to bolster energy partnership

Saudi Arabia and South Korea signed a memorandum of understanding to strengthen energy partnership, covering cooperation in oil, gas, and petrochemicals. The agreement includes crude oil storage expansion in Korea's Strategic Petroleum Reserve, crude oil pipeline infrastructure collaboration, and joint initiatives in technology, R&D, and sustainability.

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Riyadh — Saudi Minister of Energy Prince Abdulaziz bin Salman met with Minister of Trade, Industry and Resources of South Korea Kim Jung kwan in Riyadh on Sunday. During the meeting, the ministers reviewed areas of mutual interest and discussed opportunities to expand energy investment and cooperation. Following the meeting, the ministers signed a memorandum of understanding for cooperation in the field of oil and gas aimed at strengthening energy partnership between Saudi Arabia and Korea.The memorandum covers cooperation in petroleum and gas and their derivatives, refining and petrochemicals, and the development of energy-related investment partnerships, including cooperation to expand Saudi crude oil storage in the Korean Strategic Petroleum Reserve, enhancing supply stability and resilience. It also includes exploring opportunities for collaboration on infrastructure projects related to crude oil pipelines linking production and export facilities. The MoU further includes collaboration in technology and innovation, digital transformation, research and development partnerships, sustainability initiatives, and energy infrastructure development.

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