Saudi Arabia, South Korea Sign Agreement to Strengthen Strategic Energy Partnership
Saudi Arabia and South Korea have signed a vital memorandum of understanding (MoU) in Riyadh to deepen cooperation in the oil and gas sector and reinforce their wider energy partnership.
During the visit, Energy Minister Prince Abdulaziz bin Salman met with South Korea’s Minister of Trade, Industry and Energy, Kim Jung-kwan. Together, they reviewed shared priorities and explored fresh opportunities for energy investment and bilateral collaboration.
According to UN Comtrade data, the Kingdom’s imports from South Korea reached $6.09 billion in 2024, while Saudi exports to South Korea totaled $1.03 billion.
Notably, South Korea ranks among Saudi Arabia’s top 10 import sources, representing 2.6% of total imports, as confirmed by World Trade Organization figures.
MoU Covers Refining, Storage and Innovation
The agreement spans petroleum and gas products, refining and petrochemicals, and broader energy investment partnerships. Importantly, it includes plans to expand Saudi crude oil storage within South Korea’s Strategic Petroleum Reserve, thereby enhancing supply stability and resilience for both nations.
In addition, the MoU outlines collaboration on crude oil pipeline infrastructure linking production and export facilities. It also covers technology, digital transformation, research and development, sustainability, and broader energy infrastructure development.
Meanwhile, Minister of Industry and Mineral Resources Bandar Alkhorayef confirmed that related talks addressed critical minerals and advanced industries. “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,” he said on X.
Economic and Strategic Ties
Furthermore, South Korea remains a major destination for Saudi crude oil and refined petroleum products, highlighting the energy-driven foundation of the relationship.
Beyond energy, cooperation continues to expand, as the Saudi Space Agency partnered with the Korean Aerospace Administration in 2025 to advance space exploration, supporting the Kingdom’s Vision 2030 ambitions in the commercial space sector.
Together, these agreements reflect a steadily growing bilateral relationship spanning energy, defence, and technology.
