en.Wedoany.com Reported - Saudi Energy Minister Prince Abdulaziz bin Salman met with South Korean Minister of Trade, Industry and Energy Kim Jung-kwan in Riyadh, where the two sides signed a memorandum of understanding (MoU) on cooperation in the oil and gas sector to strengthen their energy partnership.

During the meeting, the two sides reviewed areas of mutual interest and discussed opportunities to expand energy investment and cooperation. The MoU aims to enhance the energy partnership between Saudi Arabia and South Korea, covering cooperation in oil, gas and their derivatives, refining and petrochemicals, as well as the development of energy-related investment partnerships. The cooperation includes expanding Saudi Arabia's crude oil storage capacity in the Korean Strategic Petroleum Reserve to enhance supply stability and resilience.

The MoU also involves exploring cooperation opportunities on crude oil pipeline-related infrastructure projects connecting production and export facilities. Furthermore, the MoU covers cooperation in technology and innovation, digital transformation, research and development partnerships, sustainable development initiatives, and energy infrastructure development.

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