The agreement also covers exploring opportunities to cooperate on oil infrastructure projects
Saudi Arabia and South Korea signed a memorandum of understanding (MoU) in the oil and gas sector that includes cooperation to increase the storage of Saudi crude oil in South Korea’s strategic petroleum reserves, enhancing supply security and flexibility. 
According to a statement by the Saudi Ministry of Energy, the agreement also covers exploring opportunities to cooperate on infrastructure projects related to crude oil pipelines connecting production and export facilities.
The MoU further includes collaboration across the oil, gas and downstream sectors, including refining and petrochemicals, as well as the development of investment partnerships linked to the energy industry.
In addition, the two countries agreed to strengthen cooperation in innovation, advanced technologies, digital transformation, research and development partnerships, sustainability initiatives, and energy infrastructure development.
The agreement was signed following a meeting in Riyadh between Saudi Energy Minister Prince Abdulaziz bin Salman and South Korean Trade, Industry and Energy Minister Kim Jeong-kwan.
The agreement also covers exploring opportunities to cooperate on oil infrastructure projects
Saudi Arabia and South Korea signed a memorandum of understanding (MoU) in the oil and gas sector that includes cooperation to increase the storage of Saudi crude oil in South Korea’s strategic petroleum reserves, enhancing supply security and flexibility.
According to a statement by the Saudi Ministry of Energy, the agreement also covers exploring opportunities to cooperate on infrastructure projects related to crude oil pipelines connecting production and export facilities.
The MoU further includes collaboration across the oil, gas and downstream sectors, including refining and petrochemicals, as well as the development of investment partnerships linked to the energy industry.
In addition, the two countries agreed to strengthen cooperation in innovation, advanced technologies, digital transformation, research and development partnerships, sustainability initiatives, and energy infrastructure development.
The agreement was signed following a meeting in Riyadh between Saudi Energy Minister Prince Abdulaziz bin Salman and South Korean Trade, Industry and Energy Minister Kim Jeong-kwan.
