Trade, Industry and Energy Minister Lee Chang-yang held a videoconference with Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman on Nov. 2 at the latter’s request and discussed bilateral cooperation in energy sectors.
The two countries shared the emphasis on the need for communication and cooperation between them, as crude oil supplier and consumer, to seek out oil market stabilization measures.
Noting that Saudi Arabia is Korea’s major source of crude oil and the two are mutually reliable partners, they concurred that continued collaboration in petrochemicals and other diverse energy and industry sectors is beneficial for supply chain stabilization.
It was mentioned that Korea’s strength in hydrogen utilization and Saudi Arabia’s strength in hydrogen production create high potential for hydrogen cooperation as well. By organizing and aligning the two countries’ hydrogen systems and encouraging joint efforts in hydrogen policies, mobility and ammonia development, both sides will be able to build their respective domestic hydrogen ecosystems.
This year is the 60th anniversary of the establishment of Korea-Saudi diplomatic relations. On this occasion, both countries look forward to South Korean companies participating in the Global Supply Chain Resilience Initiative announced by Saudi Arabia's Crown Prince Mohammed bin Salman on October 23, which aims to attract $10.7 billion in investments while providing $2.7 billion in incentives. Through this initiative, Saudi aspires to secure its position as hydrogen and low-carbon clean energy supply chain hub.