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Korea-Saudi Ministers discuss energy cooperation 2022-06-27

Trade, Industry and Energy Minister Lee Chang-yang held a videoconference with Saudi Arabia’s Energy Minister Prince Abdulaziz Bin Salman on June 23, on the occasion of the Saudi Minister’s congratulatory message for Minister Lee’s taking office.

Minister Lee expressed his gratitude in return, then the two Ministers discussed energy supply chain stability, hydrogen and other future issues for Korea-Saudi energy cooperation.

Noting how Saudi Arabia is South Korea’s largest crude oil supplier (takes up 29.3 percent as of 2021), Minister Lee stated that he looks forward to seeing Saudi Arabia at the helm of efforts in stabilizing the global market amid surging oil prices.

Moreover, Minister Lee mentioned the Hydrogen Production Project involving Korea's steelmaker POSCO and constructor Samsung C&T, and called for the Saudi government’s strong support for Korean companies' participation.

Both sides agreed on the need to heighten Korea-Saudi cooperation in areas of energy, industry and investment in light of Korea being one of Saudi’s priority partner countries for Saudi Vision 2030. The two countries’ 60th anniversary of establishment of diplomatic relations is approaching as well, in coming October.