$25B Project with UAE
According to the Cheong Wa Dae (Presidential Office) on March 27, President Moon Jae-in met with key UAE ministers after his March 25 summit meeting with Crown Prince Mohammed bin Zayed.
The ministers proposed a new joint oil and gas development project worth approximately US$25 billion. According to the ministers, an industrial complex dedicated to South Korean companies is scheduled to be built in the UAE. The ministers also remarked that the UAE and South Korea will work more closely together in oil, gas, oil refining and chemical as well as nuclear power generation and that the UAE is likely to make a massive investment in the new and renewable energy sector this year. In addition, the UAE said it would invest US$2 billion this year in port infrastructure for more container traffic.
At present, South Korean companies are moving ahead with collaboration projects worth US$21 billion with the UAE. For instance, SK Group is a member of the Fujairah Oil Terminal Construction Project and Samsung recently signed a US$3.5 billion contract for oil refining facility development.
The Abu Dhabi National Oil Company is scheduled to hold an oil refining and petrochemical industry conference in May and the UAE is going to invite South Korean companies to the conference. When it comes to the new and renewable energy sector, the ministers proposed cooperation between South Korean companies and the Abu Dhabi Future Energy Company for the latter’s projects in the Middle East, Africa and the Pacific region.
The two countries are also planning to further their cooperation in the field of nuclear power generation. “South Korean companies will be given more opportunities than before in the UAE with the two-way partnership promoted to a special strategic partnership as a result of President Moon Jae-in’s state visit,” the UAE explained.