South Korean President Yoon Suk Yeol returned home Thursday from a trip to Saudi Arabia and Qatar with a range of deals under his belt, notably on energy.
South Korea in the 1970s and 1980s earned massive amounts of hard currency via construction projects in the Middle East, fueling its rise as a global economic force. The country remains a heavy industry powerhouse, as well as a net energy importer, which is heavily reliant on Middle East suppliers.
Among a welter of preliminary deals was an actual contract between Seoul’s state-run Korea National Oil Corp. and Saudi Arabia’s state-run energy giant Saudi Aramco. A Yonhap report said that the agreement will reportedly create a joint crude oil reserve of 5.3 million barrels in Ulsan, a South Korean industrial center producing petrochemicals, cars and ships.
That would mark the biggest shipbuilding contract ever signed by a South Korean yard, Yonhap reported. South Korea’s shipbuilding industry is in fierce competition with lower-cost Chinese rivals. In Doha, Qatar, Mr. Yoon and Qatari Emir Sheikh Tamim bin Hamad Al Thani agreed to upgrade the two countries’ relations to a “comprehensive strategic partnership” — including strengthened cooperation in both defense and defense industries.
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