Korea, Saudi Arabia signal settlement on crude oil, fuel cooperation – The Korea Occasions

Trade Minister Kim Jung-kwan speaks at a press convention held within the administrative town of Sejong on Might 27, 2026, on this picture equipped via his workplace. Courtesy of Ministry of Business, Trade and Assets

Korea and Saudi Arabia have signed an settlement to hunt cooperation within the power assets trade, together with crude oil and herbal fuel, amid fresh volatility in world provide chains, the trade ministry stated Sunday.

Trade Minister Kim Jung-kwan signed a memorandum of working out (MOU) with Saudi Power Minister Abdulaziz bin Salman to determine a framework for long-term cooperation within the provide of key power assets throughout his two-day consult with to the Center Jap country that started Saturday.

The Ministry of Business, Trade and Power stated the settlement outlines quite a lot of spaces for cooperation, together with crude oil stockpiling, oil pipeline infrastructure building, in addition to using synthetic intelligence (AI) and virtual applied sciences to pressure innovation within the power trade.

Kim additionally met with Saudi Funding Minister Fahad Al-Saif and Trade and Mineral Assets Minister Bandar Al-Khorayef, reviewing the development of Korean corporations’ tasks within the Center Jap country.

“Amid lingering instability in global supply chains, we have secured a stable supply of key resources, such as crude oil and naphtha, and established a foundation for long-term cooperation in the energy sector with Saudi Arabia,” Kim stated in a free up.

Kim plans to consult with Qatar on Monday and the United Arab Emirates on Tuesday.