The Korean Minister of Trade, Industry and Energy Bang Moon-kyu, right, shakes hands with Qatar Minister of Energy Saad Sherida al-Kaabi at Four Seasons Hotel Seoul in central Seoul, Wednesday, after having a bilateral energy summit. Courtesy of Ministery of Trade, Industry and Energy
The recent diplomatic summit between energy ministers from Korea and Qatar has established the basis for a bilateral energy alliance that can develop further through trading natural energy resources and transport tankers.
The Korean Minister of Trade, Industry and Energy Bang Moon-kyu on Wednesday met Qatar Minister of Energy Saad Sherida al-Kaabi in central Seoul. The two discussed how to expand further the scope of bilateral exchanges that have been hinged on energy.
The ministers, meeting at Four Seasons Hotel Seoul, sought potential future trade opportunites in the fields of use of renewable energies and production and application of hydrogen and amonia. They also agreed to make further investments in each other and exchange manpower and technology in the aforementioned fields.
Bang, begining his new ministerial job last week, acknowledged in front of his counterpart how the bilateral relationship has continued based on liquified natural gas (LNG) trade. He proposed the two countries further develop energy trade to include hydrogen and renewable energies and make the relations "more sustainable."
Bang also requested al-Kaabi to support Korea's bid to host World Expo 2030 in Busan.
The annual trade value between the two countries last year stood at almost $17.1 billion, a record-high. Qatar is Korea's No. 2 LNG supplier, accounting for around 20 percent of the country's total LNG imports. Korea, meanwhile, signed with Qatar in 2022 deals to build 54 LNG carriers. The Korean energy ministry said it is expected to sign an additional deal with the Middle Eastern country later this year for more carriers.
Korea imports from Qatar natural gas, petroleum and related products, aluminium and fine chemical ingredients, according to Korea International Trade Association (KITA). This year, Korea has total imports worth $9.3 billion from Qatar up until July and total exports worth $459 million to Qatar during the same period.
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