Saudi Arabia has signed a Memorandum of Understanding (MoU) with the Republic of Korea to enhance cooperation in the oil and gas sector.
The agreement followed a meeting in Riyadh between Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz and Minister of Trade, Industry, and Resources of Korea Kim Jung-kwan.
During the meeting, the two sides reviewed areas of mutual interest and discussed opportunities to expand cooperation in energy investment and industrial collaboration.
Discussions focused on strengthening bilateral engagement across the oil and gas value chain, including upstream and downstream activities.
The MoU provides a framework for cooperation in petroleum and natural gas and their derivatives, as well as refining and petrochemical sectors.
It also includes provisions to support the development of energy-related investment partnerships between the two countries, with an emphasis on enhancing coordination and efficiency across supply chains.
The countries agreed to explore opportunities for expanding Saudi crude oil storage capacity within the Korean Strategic Petroleum Reserve. The initiative supports supply stability and improves resilience in energy logistics and emergency preparedness.
The agreement also outlines potential cooperation on infrastructure development projects, including crude oil pipeline networks linked to production and export facilities.
Image via SPA | Cropped by GBN
These projects aim to enhance long-term operational efficiency and strengthen energy transport connectivity.
In addition, the MoU includes collaboration in technology and innovation, digital transformation in the energy sector, research and development activities, sustainability initiatives, and broader energy infrastructure development. The framework is expected to support knowledge exchange and joint work on emerging energy solutions.
The signing of the MoU marks a structured step toward deepening energy cooperation between Saudi Arabia and the Republic of Korea, with a focus on expanding investment, enhancing supply stability, and supporting long-term strategic partnership in the energy sector.
