Amidst global supply chain uncertainties, South Korea and Saudi Arabia have solidified their partnership, extending their collaboration beyond essential crude oil and gas supplies to encompass strategic mineral resources and cutting-edge artificial intelligence. This significant expansion of bilateral ties was cemented during a recent visit by South Korea’s Minister of Trade, Industry and Energy, Kim Jung-kwan, to Saudi Arabia.
South Korea’s Ministry of Trade, Industry and Energy stated that Minister Kim Jung-kwan traveled to Saudi Arabia from 13th June to 14th June 2026 to hold discussions on strengthening cooperation across the energy and industrial sectors. The visit follows the Middle East mission undertaken in April 2026 by South Korean President Lee Jaemyung’s special envoy delegation. During that earlier engagement, Saudi Arabia committed to prioritizing the supply of crude oil and naphtha to South Korea.
During the visit, Minister Kim held talks with Saudi Arabia’s Minister of Energy, Abdulaziz bin Salman, to assess progress on the agreed crude oil and naphtha supply arrangements. The two ministers reaffirmed their commitment to close coordination and agreed to work together to ensure that the pledged volumes are delivered smoothly and without interruption through the end of the year.
A key outcome of the visit was the signing of a ‘Memorandum of Understanding (MOU) on Korea-Saudi Cooperation in Crude Oil and Gas’. This comprehensive agreement broadens the scope of collaboration to include not only the traditional oil, gas, and petrochemical sectors but also critical areas such as crude oil stockpiling, pipeline infrastructure development, and the integration of AI and digital transformation in energy technology innovation. Furthermore, the Crude Oil and Gas MoU promotes technology development for sustainability, the advancement of petrochemical materials, and enhanced corporate partnerships.
Minister Kim stated, “The greatest achievement of this visit was to reaffirm the stable supply of key resources such as crude oil and naphtha, and to lay the foundation for medium- to long-term resource cooperation amid ongoing global supply chain instability. Based on the achievements in industrial cooperation so far, we will continue to expand economic cooperation across various fields, including manufacturing and advanced industries.”
