S. Korea, Saudi Arabia agree to boost energy and defence ties

S. Korea, Saudi Arabia agree to boost energy and defence ties

Saudi Arabia's Crown Prince Mohammed bin Salman is in the South Korean capital
Saudi Arabia’s Crown Prince Mohammed bin Salman is within the South Korean capital.
Picture: Mast IRHAM / POOL/AFP
Supply: AFP

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The leaders of South Korea and Saudi Arabia agreed Thursday to spice up ties in key sectors reminiscent of vitality and defence, with the oil-rich kingdom signing a slew of offers together with a $6.7 billion petrochemical settlement.

President Yoon Suk-yeol met with Saudi Arabia’s Crown Prince Mohammed bin Salman within the South Korean capital Thursday, with the pair asserting a plan to remodel bilateral ties right into a “strategic partnership”.

Bin Salman, the dominion’s 37-year-old de facto ruler, sometimes called MBS, arrived in Seoul late Wednesday after attending the Group of 20 summit in Bali, Indonesia.

He’s on a multi-stop Asian tour, in a probable bid to shore up the Gulf nation’s ties with its greatest vitality market.

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The journey comes as Riyadh feuds with Washington over the OPEC+ oil cartel’s October determination to chop manufacturing by two million barrels per day.

Yoon and bin Salman agreed to raise ties right into a “future oriented strategic partnership,” Yoon’s workplace stated in a press release.

The South Korean president needs to see native corporations be a part of key Saudi tasks such because the NEOM good metropolis mission, and increase cooperation within the defence and vitality sectors.

Bin Salman “particularly expressed his want for a major improve in cooperation in vitality, defence and development industries,” Yoon’s workplace stated.

Through the go to, the 2 governments and corporations from each international locations — together with a few of Seoul’s high conglomerates — signed about 20 offers in areas from agriculture to railways.

Among the many agreements was Saudi funding for South Korean refiner S-OIL’s Shaheen mission, which might construct petrochemical manufacturing amenities in South Korea price $6.7 billion, Yoon’s workplace stated.

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Bin Salman, who was formally made Prime Minister in September, has shaken up the ultraconservative oil titan with financial, social and spiritual reforms since his meteoric rise to energy.

He gained international notoriety in reference to the 2018 killing of dissident Saudi journalist Jamal Khashoggi within the kingdom’s Istanbul consulate.

Final 12 months, US President Joe Biden declassified an intelligence report that discovered Prince Mohammed had permitted the operation in opposition to Khashoggi, an assertion Saudi authorities deny.

Supply: AFP

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