A Saudi-Korean memorandum of understanding to enhance cooperation in oil and gas
He met His Royal Highness bin Abdulaziz, , in Riyadh, the Minister of Trade, Industry and Resources of Korea, Kim Jong-hwan, and they discussed issues of common interest and ways to enhance cooperation and investment in .
The two sides signed a memorandum of understanding in the field of oil and gas, aiming to enhance cooperation between the Kingdom and the Republic of Korea in a way that supports the common interests of the two countries and enhances the partnership between them.
Developing investment partnerships
The memorandum of cooperation includes the fields of oil and gas and their derivatives, refining and petrochemicals, and developing investment partnerships related to the energy sector.
It also includes increasing the storage of Saudi crude in the Strategic Petroleum Reserve. Korean, in order to enhance the stability and flexibility of supplies.
Cooperation in infrastructure projects
They also discussed opportunities for cooperation between the two countries in developing infrastructure projects related to crude oil pipelines that connect production and export facilities.
The memorandum also includes enhancing cooperation in the fields of innovation, advanced technologies and digital transformation, developing partnerships in research and development, and supporting efforts related to sustainability and infrastructure development for the energy sector.
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