RIYADH: Saudi Arabia and South Korea signed a memorandum of understanding in Riyadh to enhance cooperation in the oil and gas sector and strengthen their broader energy partnership.
Energy Minister Prince Abdulaziz bin Salman met with South Korea’s Minister of Trade, Industry and Energy, Kim Jung-kwan, in Riyadh, where the two sides reviewed areas of mutual interest and explored opportunities to expand energy investment and strengthen bilateral cooperation.
Based on UN Comtrade data, in 2024, the Kingdom’s imports from South Korea reached $6.09 billion, while Saudi exports to South Korea stood at $1.03 billion. South Korea ranks among Saudi Arabia’s top 10 import sources, accounting for 2.6 percent of the Kingdom’s total imports, valued at $6.09 billion in 2024, as per the World Trade Organization.
Commenting on related talks held alongside the visit, Minister of Industry and Mineral Resources Bandar Alkhorayef said on X: “We discussed ways to enhance economic partnerships and bilateral cooperation in the critical minerals sector and a number of advanced industries, serving the shared interests of our two countries.”
According to a statement, the MoU covers petroleum and gas and their derivatives, refining and petrochemicals, and the development of energy-related investment partnerships, including expanding Saudi crude oil storage within South Korea’s Strategic Petroleum Reserve to enhance supply stability and resilience.
