Emirates News Agency – UAE strengthens ties with South Korea, advances strategic partnerships in industrial and energy value chain

ABU DHABI, 9th June, 2022 (WAM) — The Minister of Industry and Advanced Technology and Special Envoy for Climate Change, Dr Sultan bin Ahmed Al Jaber, has held a series of high-level meetings with government leaders and companies in South Korea to strengthen bilateral ties and create opportunities for low-carbon economic growth.

During the two-day official visit, which ended on Wednesday, Dr. Al Jaber held bilateral meetings with senior Korean government officials, including Park Jin, Minister of Foreign Affairs; Lee Chang-yang, Minister of Commerce, Industry and Energy; and Han Wha-jin, Minister of the Environment, as well as Ban Ki-Moon, former Secretary General of the United Nations.

During the meetings, Dr. Al Jaber conveyed the greetings of the UAE leadership to the South Korean government and people and underscored the UAE’s readiness to strengthen its special strategic partnership with South Korea in multiple areas. including industry, traditional and new energy, decarbonization and climate solutions. Dr. Al Jaber expressed the UAE’s appreciation for South Korea’s support during the UAE’s bid to host COP28 (28th meeting of the Conference of Parties) and reaffirmed the UAE’s support for the Republic of Korea’s offer to host COP33 in 2028.

He reinforced the UAE’s commitment to ensuring a reliable supply of crude oil, petrochemicals and refined products to South Korea.

Dr Al Jaber said: “The UAE values ​​its strategic relationship with the Republic of Korea. For more than 40 years, the UAE has been a reliable strategic trade and energy partner for the Republic of Korea, and we are working to deepen our ties throughout the energy and industrial value chain, to seize the economic opportunities of the energy transition and drive progressive climate action for the economic benefit of both our peoples, in accordance with the wise directives of the leaders of the United Arab Emirates.”

As part of his visit, Dr. Al Jaber also met with leading Korean business leaders, including Yongsoo Huh, Chairman and CEO of GS Energy; Sae-Hong Hur, President and CEO, GS Caltex; Seung-il Chung, President and CEO, Korea Electric Power Corporation (KEPCO); Dong-Sub Kim, Chairman and CEO, Korea National Oil Corporation (KNOC); Hee-Bong Chae, President and CEO, Korea Gas Corporation (KOGAS); Sungan Choi, President and CEO, Samsung Engineering; Se-Chul Oh, President and CEO, Samsung C&T; and Kyung-Il Park, CEO, SK Ecoplant.

Government and private sector meetings focused on industrial cooperation, hydrogen, decarbonization, climate solutions and COP28 (28th meeting of the Conference of the Parties). The meetings also covered opportunities in Abu Dhabi’s upstream, refining and petrochemical sectors as well as TA’ZIZ’s industrial chemicals area in Ruwais.

Dr. Al Jaber highlighted the huge potential for collaboration between the UAE and South Korea to harness renewable energy and new commercially feasible technologies to advance climate action. In this regard, Masdar, the Abu Dhabi renewable energy company, and KEPCO have signed a Memorandum of Understanding (MoU) to jointly assess opportunities in offshore wind energy.

As part of the agreement, the two companies will explore the potential for collaboration in offshore wind projects, including but not limited to KEPCO’s current and ongoing offshore wind projects and global renewable energy projects. from Masdar. They will also assess opportunities in green hydrogen production, battery storage technology and energy trading activities.

In recent years, partnerships between the UAE and South Korea have focused on strategically important sectors, including hydrocarbons, renewable energy, nuclear energy, healthcare and logistics. Important projects include the Barakah nuclear power plant in Abu Dhabi as well as the concessions upstream of Abu Dhabi.