South Korea has sent a business delegation to the United Arab Emirates (UAE) to search for new business opportunities in the refining and petrochemical sectors, the trade ministry said Friday.
Deputy Trade Minister Kang Sung-cheon will lead a 40-member delegation to attend the Downstream Investment Forum, slated to kick off for two days in Abu Dhabi on Sunday, the Ministry of Trade, Industry and Energy said.
The Abu Dhabi National Oil Co. (ADNOC), the UAE's state-owned oil company, will unveil its detailed downstream strategy and expansion plans for the Ruwais Industrial Complex, as well as introduce new partnership and investment opportunities at the forum.
Senior officials from the state-run energy utilities and construction companies, as well as state-run lenders and trade promotion agencies, will meet with CEOs and senior officials from global companies to discuss investment and partnership opportunities, the ministry said.
The Middle Eastern nation is expected to place orders for 15 projects, including the construction of a refining factory, a petrochemical complex and other energy facilities.
The visit by South Koreans also comes as the UAE's first nuclear reactor is set to start operation later this year or early next year, while three others are due to go online by 2020. The combined output of 5,600 megawatts at the power plant will supply up to 25 percent of the UAE's electricity needs. (Yonhap)