2019-06-28 12:10:00
SAUDI ARABIA, S.KOREA COOPERATION $8.3 BLN
AN - Saudi Arabia said it was committed to ensuring world markets are supplied with oil after Crown Prince Mohammed bin Salman visited South Korea.
The Kingdom also confirmed its commitment to compensating for shortages that may occur as a result of any supply disruptions from other sources.
In a joint communique issued by Saudi Arabia and South Korea on Thursday, the Kingdom said that as "the world's largest reliable source of oil," it would make sure that oil markets were well supplied.
South Korea, the world's fifth-largest importer of crude oil, depends on the Middle East for the vast majority of its supplies.
Asian countries have been worried about oil supply after two tankers were attacked in the Gulf of Oman this month. The attacks on the Japanese owned Kokuka Courageous and Norwegian Front Altair were blamed on Iran.
Saudi Arabia's Crown Prince Mohammed bin Salman visited South Korea on Wednesday in a bid to strengthen economic ties between the two countries.
"Saudi Arabia, a key ally of South Korea, is the biggest oil supplier to our government and the largest economic partner among the Middle Eastern countries," South Korean presidential spokeswoman Koh Min-jung said.
South Korea halted its Iranian oil imports in May as its waivers from US sanctions on Tehran expired.
The communique detailed the agreements made and meetings held by the two countries during the visit.
The countries signed an $8.3 billion economic cooperation pact that included a $6 billion deal between Saudi Aramco and the Korean company S-Oil to build an oil refinery and downstream petrochemical facilities in South Korea.
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Earlier:
2019, June, 26, 13:50:00
ARAMKO WILL MEET DEMAND
“What’s happening in the Gulf is definitely a concern,” Amin Nasser, president and chief executive of Aramco, told Reuters in an interview in Seoul.
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2019, June, 20, 17:25:00
SAUDI ARABIA'S OIL PRODUCTION 9.9 MBD
Saudi Arabia’s crude oil production approached a four-year low, averaging an estimated 9.9 million barrels per day (b/d). Production declined more than 1 million b/d since its estimated all-time high production levels in October and November 2018
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2019, June, 18, 17:35:00
OPEC+: GOOD WORK
OPEC and 10 non-OPEC partners, led by Russia, agreed in December to cut a combined 1.2 million b/d of production in the first half of 2019.
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2019, April, 19, 09:15:00
S.KOREA RENEWABLE ENERGY
South Korea's economy has been pushing to shed its heavy reliance on coal and nuclear power, with the latest target coming on top of a 2017 plan to increase the amount of renewables in its energy mix to 20 percent by 2030.
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2019, April, 17, 10:45:00
ARAMCO, HYUNDAI INVESTMENT $1.25 BLN
The Saudi Arabian Oil Company, Saudi Aramco, and Hyundai Heavy Industries Holdings today announced that they have reached an agreement for Saudi Aramco’s subsidiary, Aramco Overseas Company B.V (AOC), to purchase a 17 percent stake in South Korea's Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings.
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2019, March, 20, 10:35:00
S.KOREA'S LNG WILL UP
The South Korean government Tuesday gave its final approval to lower taxes on LNG used for power production by 75%, and raise those on thermal coal by 28% from April 1, in a move likely to boost downstream gas consumption.
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2019, March, 1, 11:35:00
S.KOREA, UAE NUCLEAR COOPERATION
The leaders of South Korea and the United Arab Emirates have said the two countries will seek opportunities to cooperate in the field of nuclear energy beyond their current collaboration on the Barakah nuclear power plant project. This will include opportunities in third countries.
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