The Ministry of Trade, Industry and Energy announced that Deputy Minister Moon Shin-hak met with Mohammed Y. Al-Qahtani, President of Aramco's Downstream sector, in Seoul on June 5.
This meeting was held during Al-Qahtani's visit to South Korea, where both sides focused on long-term resource security cooperation, including stable supply of crude oil and naphtha, as well as expanding collaboration in plant construction.
Since the onset of the Middle East conflict, the South Korean government has been working diligently to address supply challenges caused by the blockade of the Strait of Hormuz. It has strengthened cooperation with major oil-producing countries, including Oman and Saudi Arabia, to secure crude oil and naphtha. Ensuring a stable supply of naphtha, a key raw material for the petrochemical industry, is crucial for maintaining the competitiveness of South Korea's petrochemical sector.
Deputy Minister Moon expressed gratitude for Aramco's active cooperation in securing stable supplies of key resources such as crude oil and naphtha since his visit to Saudi Arabia as a special envoy for strategic economic cooperation in April. He also requested Aramco's continued interest and proactive collaboration to ensure access to necessary energy resources for South Korea in the event of supply chain disruptions.
Both parties discussed the potential for collaboration through the utilization of strategic petroleum reserves and oil storage infrastructure to enhance their resource security capabilities. They agreed to continue exploring areas of cooperation, particularly to facilitate collaboration between Aramco, which plays a key role in major energy projects, and South Korean companies with the necessary execution capabilities.
The Ministry stated, "We will maintain close communication channels with Aramco to solidify cooperation on resource security, including oil supply, and actively support our companies' efforts to secure plant contracts in the Middle East."
* This article has been translated by AI.
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