Korea, UAE to cooperate on stable supply of key resources
Industry Minister Kim Jung-kwan, left, shakes hands with UAE counterpart Sultan Al Jaber, also known as chief executive officer of Abu Dhabi National Oil, at a hotel in central Seoul, Wednesday. Courtesy of Ministry of Trade, Industry and Resources
Korea and the United Arab Emirates (UAE) have signed an agreement to strengthen their strategic partnership in key resource supply chains and the adoption of artificial intelligence (AI) in the petrochemical industry, the trade ministry said Wednesday.
Industry Minister Kim Jung-kwan met with his UAE counterpart, Sultan Al Jaber, to discuss measures to ensure a stable supply of crude oil and naphtha, as well as expand strategic cooperation in nuclear energy, energy infrastructure and other advanced industries, the Ministry of Trade, Industry and Resources said in a press release.
Al Jaber also serves as chief executive officer of the Abu Dhabi National Oil (ADNOC), the state-run oil company of Abu Dhabi.
The agreement between the Korean government and ADNOC focuses on strengthening bilateral cooperation in securing stable oil supplies and jointly maintaining strategic oil inventories for use in emergencies, including geopolitical crises such as the U.S.-Iran conflict, the ministry said.
The ministers also discussed cooperation in applying AI technologies to the refining and petrochemical industries, where both countries have competitive strengths and see strong growth potential.
"The recent situation in the Middle East has entered a new phase, but ensuring stable supply chains for key resources remains one of the most important tasks for Korea's economic security, Kim said. "That is why the government needs to strengthen its strategic partnership with the UAE, one of its major energy suppliers."