South Korea and UAE Strengthen Core Resource Supply Chains, Sign Agreement for Stable Oil Supply

Minister of Trade, Industry and Energy Kim Jeong-gwan met with Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology and CEO of the Abu Dhabi National Oil Company (ADNOC), in Seoul on July 8 to discuss ways to stabilize core resource supply chains and expand industrial cooperation.

According to the Ministry of Trade, Industry and Energy, the two ministers signed an agreement on strategic cooperation between the Ministry and ADNOC during the meeting. The agreement includes provisions for stable crude oil supply, response measures for emergency supply situations, and joint stockpiling.

Through this agreement, the two sides have decided to establish a crude oil security cooperation system that remains stable even during crisis situations, such as a war in the Middle East.

In addition, they exchanged views on cooperation measures for the application and expansion of artificial intelligence in the oil refining and petrochemical industries.

Discussions also took place regarding energy infrastructure projects being pursued by the UAE, such as the expansion of oil and gas storage and transportation facilities that bypass the Strait of Hormuz.

Minister Kim stated that South Korean companies are exploring ways to participate in these projects through various forms, including EPC (Engineering, Procurement, and Construction) contracts, and requested the interest and support of the UAE side.

"Although the situation in the Middle East is entering a phase of change, securing the stability of core resource supply chains remains the most critical task for our economic security, and we must strengthen our strategic partnership with the UAE, a major energy supplier," Minister Kim emphasized.

(Photo courtesy of the Ministry of Trade, Industry and Energy, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.