Korea, Saudi Arabia sign agreement on crude oil, gas cooperation

South Korea and Saudi Arabia have signed a bilateral agreement to seek cooperation in the energy resources industry, including crude oil and natural gas, the South Korean Ministry of Trade, Industry and Energy announced on Sunday. The agreement comes amid recent volatility in global supply chains, prompting the two nations to establish a framework for long-term cooperation in the supply of key energy resources.^[1][2]

The memorandum of understanding was signed by South Korean Industry Minister Kim Jung-kwan and Saudi Energy Minister Abdulaziz bin Salman. The signing ceremony took place during Minister Kim's two-day visit to the Middle Eastern nation, which began on Saturday. This visit was focused on establishing a framework for long-term cooperation in the supply of key energy resources between the two countries.^[1][2]

According to South Korea's Ministry of Trade, Industry and Energy, the agreement outlines a wide range of areas for future cooperation. These specific areas of cooperation include crude oil stockpiling and oil pipeline infrastructure development. Additionally, the agreement also covers the use of artificial intelligence and digital technologies, which are intended to drive innovation in the energy sector.^[1]