Riyadh: Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz met today in Riyadh with Minister of Trade, Industry and Resources of the Republic of Korea Kim Jung Kwan. The ministers reviewed areas of mutual interest and discussed opportunities to expand energy investment and cooperation.

According to Saudi Press Agency, following the meeting, the two sides signed a memorandum of understanding for cooperation in the field of oil and gas aimed at strengthening the energy partnership between the Kingdom of Saudi Arabia and the Republic of Korea.

The memorandum covers cooperation in petroleum and gas and their derivatives, refining and petrochemicals, and the development of energy-related investment partnerships. This includes 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.