Prince Abdulaziz bin Salman, Minister of Energy met here today with Moon Sungwook, Minister of Trade, Industry and Energy of the Republic of Korea, currently on a visit to the Kingdom. During the meeting, they highlighted the strong and long- lasting relationship between the Kingdom of Saudi Arabia and South Korea, and discussed existing bilateral cooperation and future opportunities in the energy sector under the Saudi-Korean Vision 2030 between the two countries, and ways to strengthen security and stability of energy markets. S. Korean Minister Moon Sungwook commended the Kingdom of Saudi Arabia on its leading role to ensure reliable and stable global oil markets, as well as its role as a moderating force in international energy markets. The two sides emphasized the strong bilateral cooperation in the field of energy, including petroleum refining and petrochemicals, and have agreed to explore opportunities for joint projects in the petrochemical sector, including converting oil to petrochemicals. Also, they agreed on collaboration on innovative and advanced materials and fuels, especially in the field of advanced materials, such as polymer materials, low-emitting marine and aviation fuels, and to collaborate with leading companies to provide economic and environmental solutions in the development and use of recycled plastics. Both sides aspire to the participation of Korean companies in the implementation of various electricity sector projects in the Kingdom, in addition to renewable energy projects and the exchange of experience and knowledge between them, as well as the implementation of electricity smart meters. Their talks encompassed the prospects for cooperation in the peaceful uses of nuclear energy, and an exchange of experience in the field of nuclear applications, regulations and the human capacity development. With regard to climate change, the two sides stressed the importance of adhering to the principles of the Framework Convention on Climate Change and the Paris Agreement, and the need to develop and implement climate agreements by focusing on emissions rather than sources, through the Circular Carbon Economy approach, as an integrated and comprehensive framework for addressing greenhouse gas emissions. The two sides stressed the importance of cooperation in the field of hydrogen, including developing and localizing technologies related to its production, transportation and storage, as well as exchanging experiences, developing regulations and policies, and conducting joint research. With regard to technology and innovation, the two sides highlighted the importance of cooperation and the exchange of experiences in artificial intelligence in the energy sector. They also discussed cooperation in the field of localizing components of the various energy applications and localization and development of advanced technologies in many fields, such as oil, gas, energy efficiency and manufacture of electricity components used in generation, transmission, and distribution. Kingdom of Saudi Arabia seeks to benefit from the Korean experiences in the field of localizing associated supply chains, especially casting and forging, and the field of engineering and construction services in the Kingdom.
