Saudi Arabia and South Korea signed a memorandum of understanding (MoU) to deepen cooperation in the oil and gas sector, strengthening their energy partnership and expanding collaboration across key areas of the energy value chain.

The agreement was signed following a meeting in Riyadh between Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz and South Korean Minister of Trade, Industry and Energy Kim Jung Kwan, during which the two sides reviewed areas of mutual interest and explored opportunities to boost energy investment and cooperation.

The MoU covers cooperation in petroleum, natural gas and their derivatives, as well as refining and petrochemicals.

It also aims to advance energy-related investment partnerships, including efforts to expand Saudi crude oil storage capacity within South Korea’s Strategic Petroleum Reserve to enhance supply stability and resilience.

In addition, the agreement provides for the exploration of joint infrastructure projects related to crude oil pipelines connecting production and export facilities.

The two countries will also collaborate on technology and innovation, digital transformation, research and development, sustainability initiatives, and the development of energy infrastructure, further reinforcing bilateral ties in the energy sector. -OGN/TradeArabia News Service