Ministry of Trade Industry and Resources

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited Saudi Arabia from June 13 to 14, 2026, as a follow-up to the April visit to the Middle East by the Presidential Special Envoy for Strategic Economic Cooperation. Saudi Arabia is Korea’s largest crude oil supplier and pledged during the April visit to give priority to supplying crude oil and naphtha to Korea. The visit was arranged to follow up on the crude oil and naphtha supply arrangements and strengthen resource security and industrial cooperation with Saudi Arabia amid the Middle East conflict.

Minister Kim first met with Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy. The two ministers reviewed progress on the crude oil and naphtha supply arrangements made during the Special Envoy’s April visit and agreed to maintain stable supplies of the planned volumes through the end of 2026. They also signed an MOU on Cooperation in the Crude Oil and Gas sector between Korea and Saudi Arabia to establish a medium- to long-term foundation for resource cooperation beyond short-term supply arrangements.

The MOU identifies specific areas for stronger cooperation across energy resources, including oil, gas, and petrochemicals. These include crude oil stockpiling; pipeline infrastructure development; innovation in energy and resource technologies using AI and digital transformation; technology development to improve environmental and economic sustainability; development and use of petrochemical materials; development of appropriate infrastructure to improve access to energy resources; and business-to-business cooperation.

Minister Kim also met with Fahad Al-Saif, Minister of Investment, and Bandar Al-Khorayef, Minister of Industry and Mineral Resources, to review progress on major industrial cooperation projects Korean companies are pursuing in Saudi Arabia. The projects include Hyundai Motor and PIF’s joint vehicle plant in Saudi Arabia, a project expected to deliver tangible results as it begins full-scale mass production in 2027. They also include International Maritime Industries (IMI), a joint shipyard project between HD Korea Shipbuilding & Offshore Engineering and Aramco. IMI is the largest shipyard in the Middle East, covering 4.96 million square meters, or roughly the size of 700 soccer fields. Minister Kim asked the Saudi government to provide active support to ensure timely completion of the projects.

Building on successful models in traditional manufacturing, including automobiles and shipbuilding, the two sides agreed to explore new cooperation areas such as minerals. They also agreed to expand future cooperation into advanced industries, including AI. Noting Saudi Arabia’s abundant minerals for advanced industries—including sulfur, phosphate rock, bauxite, and rare earth elements—Korea’s world-class high-purity refining and processing technologies, and strong demand for these minerals in advanced industries, the two sides agreed to pursue full-cycle cooperation spanning mining, refining and processing, and advanced industry development. The two sides agreed to explore cooperation between research institutions in both countries on mineral deposit exploration in Saudi Arabia and the development of national geological information systems.

“This visit to Saudi Arabia was significant because it reaffirmed stable supplies of key national resources, including crude oil and naphtha, amid continued global supply chain instability and laid the groundwork for medium- and long-term resource cooperation,” Minister Kim said. “Building on the outcomes of practical industrial cooperation, Korea will continue to expand economic cooperation with Saudi Arabia across manufacturing, advanced industries, and other areas.”

Following his visit to Saudi Arabia, Minister Kim will visit Qatar on June 15 and the United Arab Emirates (UAE) on June 16 to continue discussions with key Middle Eastern partners. He plans to strengthen coordination on critical resource supply chains and explore broader cooperation in nuclear power plants, industrial plants, and new industries.