Korea, UAE discuss energy supply ties amid supply chain uncertainties
Industry Minister Kim Jung-kwan speaks to UAE Minister of Energy and Infrastructure Suhail Mohamed Al Mazrouei during a meeting via video call at the government complex in Seoul, May 21. Courtesy of Ministry of Trade, Industry and Resources
Korea and the United Arab Emirates (UAE) discussed strategic cooperation in the energy sector, including joint oil reserves and nuclear power plants, the industry ministry said Tuesday.
Industry Minister Kim Jung-kwan met with Musabbeh Al Kaabi, chief executive officer (CEO) of upstream at Abu Dhabi National Oil Company, to discuss the stable supply of crude oil, according to the Ministry of Trade, Industry and Resources.
During the meeting, Korea was briefed that imports of the 24 million barrels of crude oil secured from the Gulf nation under an agreement reached in March were proceeding smoothly.
The two sides also discussed a wide range of issues related to bilateral energy cooperation, including establishing a new supply route bypassing the Strait of Hormuz through large-scale infrastructure projects.
Kim additionally asked for the UAE's support and attention for competitive Korean firms seeking to participate in energy projects in the Middle Eastern nation.
The industry minister also met with Sharif Salim Al Olama, undersecretary for energy affairs at the UAE's energy ministry, to discuss ways to pursue joint nuclear energy projects in third countries.
"Amid the geopolitical uncertainties in the Middle East, the UAE has been a key partner supporting Korea's resource and energy supply chains," Kim said in a release.
"The visit has confirmed that the crude oil supply relationship between the two countries goes beyond trade and serves as a strategic partnership that functions even during times of crisis," Kim added.
Kim has been on a three-nation trip to the Middle East, including Saudi Arabia and Qatar, as Korea seeks to broaden partnerships in the region amid supply disruptions in the energy sector. Asia's fourth-largest economy depends heavily on imports for its energy needs.