Seoul: South Korea and Saudi Arabia have signed an agreement to enhance cooperation in the energy resources sector, focusing on crude oil and natural gas, as global supply chains experience volatility, the industry ministry announced on Sunday.
According to Nam News Network, Industry Minister Kim Jung-kwan and Saudi Energy Minister Abdulaziz bin Salman signed a memorandum of understanding (MOU) to establish a framework for long-term cooperation in the supply of key energy resources. This agreement was finalized during Kim's two-day visit to Saudi Arabia, which began on Saturday.
The Ministry of Trade, Industry and Energy stated that the agreement encompasses a variety of collaborative areas, including crude oil stockpiling and the development of oil pipeline infrastructure. It also highlights the use of artificial intelligence (AI) and digital technologies to foster innovation within the energy industry.
During his visit, Kim also engaged in discussions with Saudi Investment Minister Fahad Al-Saif and Industry and Mineral Resources Minister Bandar Al-Khorayef, where they reviewed the progress of South Korean projects in Saudi Arabia.
Kim emphasized the importance of the agreement, stating, "Amid lingering instability in global supply chains, we have secured a stable supply of key resources, such as crude oil and naphtha, and established a foundation for long-term cooperation in the energy sector with Saudi Arabia."
Following his visit to Saudi Arabia, Kim plans to travel to Qatar on Monday and the United Arab Emirates on Tuesday.