Northeast Asia Oil Hub
President Park Geun-hye will visit Saudi Arabia, Kuwait, the U.A.E., and Qatar between March 1 and 9 to have summit meetings. During the trip, she is expected to attract capital for the Korean government’s oil development projects in Northeast Asia and sign follow-up contracts regarding the operation and management of nuclear power plants in the Middle East built by Korean companies.
“The Middle East is highly interested in the Northeast Asia Oil Hub Project, and they are likely to discuss capital investment in the project at the summit talks,” said a high-ranking figure in the ruling party.
Sinopec of China has recently decided to participate in Phase 1 of the project that is underway in the Northern Port of Ulsan.
The Middle East's investment is likely to boost the progress of the project. Sheikh Tamim Bin Hamad Al Thani, emir of the State of Qatar, visited Korea in November last year and gave a positive response to the President’s request to that end.