Korea and UAE to Strengthen Crude Oil Supply Chain Cooperation... Expanding Collaboration to AI and Energy Infrastructure

Signing of Strategic Cooperation Agreement between the Ministry of Trade, Industry and Energy and ADNOC

Collaboration on Emergency Crude Oil Supply and Joint Stockpiling

Kim Junggwan: "M.AX and UAE AI Strategy Aligned... Proposing Joint Project Initiatives"

Kim Jung-kwan, Minister of Trade, Industry and Energy, is taking a commemorative photo with Sultan Al Jaber, Minister of Industry and Advanced Technology of the United Arab Emirates (UAE) and CEO of Abu Dhabi National Oil Company (ADNOC), before their meeting at the Four Seasons Hotel in Jongno-gu, Seoul on the 8th. Ministry of Trade, Industry and Energy.

The government is institutionalizing crude oil supply chain cooperation with the United Arab Emirates (UAE) and expanding industrial collaboration to include artificial intelligence (AI) and energy infrastructure sectors.

On July 8, Kim Junggwan, Minister of Trade, Industry and Energy, held a meeting in Seoul with Sultan Al Jaber, Minister of Industry and Advanced Technology of the UAE and CEO of Abu Dhabi National Oil Company (ADNOC), to discuss measures for stabilizing key resource supply chains and expanding industrial cooperation.

During the meeting, the two parties signed the "Strategic Cooperation Agreement between the Ministry of Trade, Industry and Energy and ADNOC," which covers stable crude oil supply, emergency supply response, and joint stockpiling. The agreement aims to establish a foundation for cooperation to maintain a stable crude oil supply system even during crises in the Middle East region.

The Ministry of Trade, Industry and Energy expects that this agreement will further strengthen bilateral energy security cooperation at a time when tensions in the Middle East have somewhat eased following the recent signing of a memorandum of understanding between the United States and Iran.

The two countries also discussed ways to enhance the competitiveness of the refining and petrochemical industries using AI. Minister Kim introduced the government's AI transformation project for the petrochemical industry in the Ulsan and Mipo industrial complexes, as well as domestic cases of AI adoption by Korean refining and petrochemical companies.

He also mentioned that ADNOC is expanding AI adoption across all business areas, from crude oil development to production and distribution, and explained that this is similar in direction to Korea's manufacturing AI strategy, M.AX (Manufacturing AI Transformation). He then proposed identifying practical joint projects involving companies and institutions from both countries.

Energy infrastructure cooperation was also a key agenda item. Both sides exchanged views on projects such as the UAE's ongoing expansion of crude oil and gas storage and transportation facilities that bypass the Strait of Hormuz.

Minister Kim stated that Korean companies are considering participating in these energy infrastructure projects using methods such as engineering, procurement, and construction (EPC), and requested the UAE government's interest and support.

Minister Kim said, "Although the situation in the Middle East is entering a period of change, securing the stability of key resource supply chains remains the most important task for our economic security." He added, "We will further strengthen our strategic partnership with the UAE, a major energy supplier." He continued, "Beyond key resource supply chains, we will seek various opportunities for cooperation in advanced industries such as AI to broaden the scope of our bilateral partnership, and we will work closely together to achieve tangible results following this meeting."

This content was produced with the assistance of AI translation services.