Korea, Saudi Arabia agree to boost energy ties for low carbon economy

Korean and Saudi Arabian officials take part in bilateral energy policy talks in the Middle Eastern country, Jan. 5. Yonhap

South Korea and Saudi Arabia have vowed to boost cooperation in nuclear power and other energy fields for their transition to a low carbon economy, Seoul's industry ministry said Thursday.

Industry Minister Moon Sung-wook and Saudi Arabia's Energy Minister Abdulaziz bin Salman reached such a consensus at their meeting in the kingdom.

Moon arrived in Saudi Arabia, Tuesday, for a three-day stay at the Saudi minister's invitation.

During the Wednesday meeting, Moon suggested enhanced ties not only in oil and other traditional energy sectors but also in new fields, such as nuclear power, renewable energy and hydrogen, and expressed the country's willingness to take part in a major nuclear power plant project in Saudi Arabia, according to the Ministry of Trade, Industry and Energy.

The Saudi minister noted the potential of South Korea's nuclear power plant technologies and vowed to further expand bilateral cooperation in the overall energy field, it added.

Following the meeting, the two ministers held bilateral energy policy talks, involving major energy companies of the two nations, including the Korea Electric Power Corp. and Saudi Aramco.

"The dialogue served as a chance to discuss ways to deepen cooperation among public and private entities for the smooth transition to a lower-carbon economy," the ministry said.

"The ministers agreed to support their firms in working more closely in such various fields as hydrogen, carbon capture and energy efficiency."

Saudi Arabia is the largest supplier of crude oil to South Korea, accounting for 30 percent of Seoul's total oil imports during the first nine months of 2021, according to data from the Korea International Trade Association. (Yonhap)