The UAE is looking at strengthening economic ties with South Korea and is exploring market growth opportunities in the energy sector, a statement from Abu Dhabi National Oil Company (Adnoc) said on Wednesday, quoting the company’s CEO Dr Sultan Ahmad Al Jaber, who is on a two-day visit to the East Asian country.
“Adnoc continues to be a trusted and reliable supplier of oil, gas and refined products to South Korea. 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,” Al Jaber said.
Adnoc is also exploring downstream partnership opportunities in South Korea, in particular in the refining, petrochemicals and lubricants sectors.
As part of the two-day visit, Dr Al Jaber 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.
During the discussions, Al Jaber will outline Adnoc’s new downstream strategy and the various co-investment and co-partnership opportunities it will create.
Source: Gulf News