Prince-minister of Energy, Visiting S. Korean Counterpart Discuss Prospects for Bilateral Cooperation, Future Opportunities

Prince-minister of Energy, Visiting S. Korean Counterpart Discuss Prospects for Bilateral Cooperation, Future Opportunities

Prince-minister of Energy Abdulaziz bin Salman bin Abdulaziz met with the South Korean Minister of Trade, Industry and Energy of Moon Seung-wook, currently on a visit.

The officials noted the long-standing and solid relations between the two countries. They also discussed prospects for bilateral cooperation and future opportunities, in the energy sector, in line with the joint the Saudi-Korean Vision 2030, and ways to enhance the security and stability of energy markets.

The Korean official praised the Kingdom’s leading role, in enhancing the reliability and stability of global oil markets, as well as its role as a moderating factor in the global energy markets.

The two sides emphasized the strength of bilateral cooperation, in the energy field, including oil refining and petrochemical production.

The two sides agreed to explore future opportunities for joint projects, in the petrochemical sector, including the conversion of crude oil into petrochemicals.

The two sides agreed to cooperate, in the field of innovation and development of materials and fuels, especially in the field of advanced materials, such as polymers and low-emission fuels for ships, aircraft, and to cooperate with leading companies to provide economic and environmentally friendly solutions for the development and use of recycled plastic.

The two sides expressed their aspiration for the participation of Korean companies, in the implementation of many projects, in the electricity sector, inside the Kingdom, in addition to implementing renewable energy projects, exchanging experiences and knowledge between the two parties, in addition to cooperation in the field of smart meters.

The two sides’ discussions included prospects for cooperation, in the field of peaceful uses of nuclear energy, and the exchange of experiences, in the field of nuclear applications, nuclear control, and the development of human competencies.

In regard to climate change issues, the two sides stressed the importance of adhering to the principles of the Framework Convention on Climate Change and the Paris Agreement, and the need to develop and implement climate agreements by focusing on emissions without sources, through the circular carbon economy approach, as an integrated and comprehensive framework for addressing greenhouse gas emissions.

The two sides stressed the importance of cooperation between them, in the field of hydrogen, including the development and localization of technologies related to its production, transportation and storage, the exchange of experiences related to this field, the development of regulations and policies, and the conduct of joint research.

With regard to technology and innovation, the two sides stressed the importance of cooperation between them, and the exchange of experiences, in the field of artificial intelligence in the energy sector.

The two sides discussed cooperation in the field of localizing the components of the various energy sectors, and localizing advanced technologies and developing them in many fields such as oil and gas, energy efficiency, and manufacturing components used in electricity generation, transmission and distribution.

The Kingdom seeks to benefit from the Korean expertise in the field of localizing supply chains associated, in particular, with casting and formation related to the energy sector, as well as in the field of engineering and construction services, in the Kingdom.