The Sultanate of Oman and South Korea agreed to strengthen cooperation on energy supply chain, renewables and hydrogen, this according to South Korea’s Ministry of Trade, Industry and Energy.
South Korea’s Trade, Industry and Energy Minister Lee Chang-yang met on Monday in Seoul with Oman’s Energy and Minerals Minister Salim bin Nasser al Aufi and called on the two countries to work more closely as major energy partners amid skyrocketing LNG prices from rising uncertainties in the international gas market.
In 2021, Oman is the fourth largest LNG supplier to South Korea, with 9.6 per cent of South Korea’s total LNG imports. On the other hand, South Korea is Oman’s largest LNG importer with 44.2 per cent of Oman’s total LNG exports.
Minister Lee noted the participation of South Korean firms in projects to build a desalination plant and refinery in Oman, and called for Oman’s special interest in and support for the Korean companies that have taken on various projects in solar power, wind power, renewables and hydrogen.
The two countries agreed to have great prospects of cooperating in the green hydrogen area, which can utilise Oman’s rich renewable energy resources. Accordingly, joint measures across green hydrogen production, overseas hydrogen supply chain establishment, hydrogen cars and fuel cell are potential areas for cooperation.