South Korea and Saudi Arabia Sign Energy Cooperation Agreement

SEOUL, June 14 (Yonhap) -- South Korea and Saudi Arabia have signed an agreement to seek cooperation in the energy resources industry, including crude oil and natural gas, amid recent volatility in global supply chains, the industry ministry said Sunday.

Industry Minister Kim Jung-kwan signed a memorandum of understanding (MOU) with Saudi Energy Minister Abdulaziz bin Salman to establish a framework for long-term cooperation in the supply of key energy resources during his two-day visit to the Middle Eastern nation that began Saturday.

The Ministry of Trade, Industry and Energy said the agreement outlines a wide range of areas for cooperation, including crude oil stockpiling, oil pipeline infrastructure development, as well as the use of artificial intelligence (AI) and digital technologies to drive innovation in the energy industry.

Kim also met with Saudi Investment Minister Fahad Al-Saif and Industry and Mineral Resources Minister Bandar Al-Khorayef, reviewing the progress of South Korean companies' projects in the Middle Eastern nation.

"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," Kim said in a release.

Kim plans to visit Qatar on Monday and the United Arab Emirates on Tuesday.