“Approximately 10% of South Korea’s crude oil is currently imported from the UAE, Korean companies are significant stakeholders in several of Abu Dhabi’s upstream concessions and Korean contractors today play critical roles on major projects across our oil and gas value chain.”
“We look forward to building upon these successes as we seek to expand our existing relationship with GS Energy, identifying possible areas of investment in Abu Dhabi’s emerging blue hydrogen ecosystem as well as the Emirate’s world-scale refining and petrochemicals assets in Ruwais.”
Virtual meeting
The agreement was signed during a “virtual business trip” aimed at expanding bilateral economic and trade relations between the UAE and South Korea to drive economic growth in the wake of the Covid-19 pandemic.
The partnership identifies "possible areas of investment in Abu Dhabi’s emerging blue hydrogen ecosystem" as well in the refining and petrochemicals hub in Ruwais, said Dr Sultan Al Jaber, UAE minister of industry and advanced technology and Adnoc Group chief executive.
The UAE, which accounts for nearly 4.2 per cent of global crude output, meets 10 per cent of South Korean oil imports. Gulf oil producers, such as the UAE and Saudi Arabia, have looked to increasingly leverage their existing fossil fuel-based relationship to trade in newer forms of energy.
On Thursday, Saudi Arabia agreed to ship natural gas to South Korea for the production of hydrogen in return for carbon dioxide. The CO2 gas will then be used in oil production facilities in Saudi Arabia.