Dr Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO, met South Korea’s Foreign Minister HE Kang Kyung-wha during a two-day visit to Seoul aimed at strengthening economic ties with South Korea and exploring market growth opportunities in the energy sector.
“Adnoc continues to be a trusted and reliable supplier of oil, gas and refined products to South Korea," said Dr Al Jaber. "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.”
He pointed to the substantial progress that has been made in UAE-South Korea strategic relationship, stretching back nearly 40 years, and expressed the UAE's desire to strengthen those ties. Dr Al Jaber will also meet Chief Presidential Secretary Im Jong-seok, who serves as chief of staff to the President of South Korea.
“This visit reflects the importance the UAE and Adnoc places 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," said Dr Al Jabar.
He 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.
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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 is an engineering, procurement, and construction (EPC) contract for a crude oil processing flexibility project at Adnoc Refining’s Ruwais Refinery-West, which will enable the company to extract greater value from its crude resources. The second contract is an EPC deal 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 1 million tonnes per year of naphtha, over the next three years.
During the visit, 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.
The UAE is home to nearly 13,000 South Koreans and 170 major South Korean companies.