Arab News: RIYADH: Saudi Arabia and South Korea signed a memorandum of understanding in Riyadh to enhance cooperation in the oil and gas sector and strengthen their broader energy partnership.

Energy Minister Prince Abdulaziz bin Salman met with South Korea’s Minister of Trade, Industry and Energy, Kim Jung-kwan, in Riyadh, where the two sides reviewed areas of mutual interest and explored opportunities to expand energy investment and strengthen bilateral cooperation.

Based on UN Comtrade data, in 2024, the Kingdom’s imports from South Korea reached $6.09 billion, while Saudi exports to South Korea stood at $1.03 billion. South Korea ranks among Saudi Arabia’s top 10 import sources, accounting for 2.6 percent of the Kingdom’s total imports, valued at $6.09 billion in 2024, as per the World Trade Organization.

Commenting on related talks held alongside the visit, Minister of Industry and Mineral Resources Bandar Alkhorayef said on X: “We discussed ways to enhance economic partnerships and bilateral cooperation in the critical minerals sector and a number of advanced industries, serving the shared interests of our two countries.”

According to a statement, the MoU covers petroleum and gas and their derivatives, refining and petrochemicals, and the development of energy-related investment partnerships, including expanding Saudi crude oil storage within South Korea’s Strategic Petroleum Reserve to enhance supply stability and resilience.

It also includes exploring collaboration on infrastructure projects related to crude oil pipelines linking production and export facilities, alongside cooperation in technology and innovation, digital transformation, research and development, and sustainability initiatives, as well as energy infrastructure development.

South Korea also counts Saudi Arabia among its major import partners, with Saudi crude oil and refined petroleum products heavily imported by South Korea, underscoring the energy-driven nature of the relationship.

Cooperation between the two nations goes beyond oil and gas. In 2025, the Saudi Space Agency entered into a partnership with the Korean Aerospace Administration, signing an MoU at the SSA’s headquarters in Riyadh to boost cooperation in space exploration and technology development.

The agreement aligned with the Kingdom’s push to build a competitive commercial space sector under Vision 2030, an industry now driven largely by the private sector, with over 250 companies operating in the Kingdom and more than 20 government agencies regulating and supporting the field.

The space partnership adds to a growing list of bilateral agreements between the two countries, spanning defense, energy security, and technology.