The UAE and South Korea discussed opportunities for cooperation in the energy sector during a meeting between Dr Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO, and South Korea’s Foreign Minister Kang Kyung-wha in Seoul.
Dr Al Jaber conveyed the greetings of the UAE leadership to the government and people of South Korea and praised the substantial progress that has been made in UAE-South Korea strategic relationship, stretching back nearly 40 years. He stressed the keenness of the UAE to strengthen and deepen those relations.
During the two-day visit to Seoul, Dr Al Jaber will also meet with Chief Presidential Secretary Im Jong-seok, who serves as chief of staff to the President of South Korea.
Dr Al Jaber said: “This visit reflects the importance the UAE and Adnoc place on its long-term partnership with South Korea, especially in the economic and energy sectors which have contributed to a deepening of broader relations between our two countries and an increase in mutually beneficial investments and partnerships.
“Adnoc continues to be a trusted and reliable supplier of oil, gas and refined products to South Korea. As such we wish to build on these deep-rooted and long-standing ties as we accelerate delivery of our 2030 growth strategy and strengthen our presence in overseas markets through our international downstream expansion.”
As part of the two-day visit, Dr Al Jaber will also hold a series of meetings with leading Korean industrialists from the oil and gas, technology and engineering sectors, including the Jin-Soo Huh, chairman of GS Caltex; Shin Dong-bin, CEO of Lotte Chemical Corporation; Chey Tae-Won, chairman of SK Innovation; Kim Jun, President and CEO of SK Innovation; Kim Jung Rae, CEO of the Korean National Oil Company and Sungan Choi, President and CEO of Samsung Engineering.
During the discussions, Dr Al Jaber will outline Adnoc’s new downstream strategy and the various co-investment and co-partnership opportunities it will create.
In May, Adnoc announced its plans to take advantage of evolving energy market dynamics and the rising global demand for refined and petrochemical products by creating a more flexible, resilient and diverse energy business. It is optimising and stretching the dollar from every barrel of oil it produces, creating in-country value, to drive greater diversification of the UAE economy and create new employment opportunities and ensuring Adnoc is fit to compete, and lead, in the new energy era.
Dr Al Jaber also explored downstream partnership opportunities in South Korea, in particular in the refining, petrochemicals and lubricants sectors.
2018 has seen a significant strengthening of the relationship between ADNOC and South Korea’s oil and gas industry. In March, Adnoc awarded Samsung Engineering two major contracts, worth $3.5 billion, as part of its plans to create the world’s largest integrated refining and petrochemicals complex, at the Ruwais Industrial Hub. The first contract is an EPC contract for a crude oil processing flexibility project at Adnoc Refining’s Ruwais Refinery-West, which will enable Adnoc to extract greater value from its crude resources. The second contract awarded, is an EPC contract for a new Waste Heat Recovery Project. The project will play a significant role in reducing the environmental impact of Adnoc’s refining and power operations while improving energy efficiency.
Meanwhile, in January, Adnoc signed an agreement with Lotte Chemical Titan (LCT), one of Lotte Chemical Corporation’s largest overseas subsidiaries, for the sale of up to one million tons per year of naphtha, over the next three years.
The UAE is home to nearly 13,000 South Koreans and 170 major South Korean companies.