South Korea, Saudi Arabia eye continued cooperation for energy supply chain
The two markets aim to collaborate on oil and hydrogen.
South Korea’s Trade, Industry and Energy Minister Lee Chang-yang and Saudi Arabia's Energy Minister Prince Abdulaziz held a videoconference to tackle bilateral cooperation in energy sectors, including the potential collaboration for hydrogen.
In a statement, South Korea’s Ministry of Trade, Energy and Industry highlighted communication and collaboration as key aspects for stabilisation policies for the oil market.
South Korea sources most of its crude oil from Saudi Arabia, with the two agreeing to the continued collaboration in petrochemicals and other energy and industry sectors to stabilise the supply chain.
The two markets also recognised the high potential for hydrogen cooperation on the back of Korea’s strength in hydrogen utilisation and Saudi Arabia's in production.
“By organizing and aligning the two countries’ hydrogen systems and encouraging joint efforts in hydrogen policies, mobility and ammonia development, both sides will be able to build their respective domestic hydrogen ecosystems.