South Korea and the U.A.E. have agreed to foster bilateral energy and economic cooperation, the Korean energy ministry said on February 7th.
Korean Commerce, Industry and Energy Minister Shin Kook-hwan and U.A.E. Oil Minister Obaid bin Saif al-Nasseri had discussed world oil markets during the Asian official’s visit to the emirates as part of his nine-day regional tour, with al-Nasseri guaranteeing stable oil supplies to South Korea.
The U.A.E. is South Korea’s second largest crude supplier, accounting for 14.3 percent of the country’s total imports of 2.4 million b/d in 2000.
Shin had expressed concern over supplies after OPEC members decided to slash oil production by 1.5 million b/d from February 1st and could possibly cut output further at their next meeting in March.
Shin’s Middle East tour was dedicated to urging stable oil prices and discussing investment opportunities.
The South Korean minister and a delegation of government officials and corporate executives had visited Iran on February 3rd and 4th, with the two countries signing a memorandum of understanding aimed at boosting energy cooperation.
The agreement was signed on February 4th in Tehran by Shin and Iranian Oil Minister Bijan Zaganeh, with both sides pledging to work together to increase collaboration on exploration, development and production on oil and natural gas fields in Iran.
Shin will travel to Oman late on February 7th on the last leg of his journey.
© 2001 Mena Report (www.menareport.com )