1999 News Story

Oil minister meets with Korean counterpart

Minister of Petroleum and Mineral Resources Ali Bin Ibrahim Al-Naimi met today in Riyadh

with the Minister of Commerce, Industry and Energy of the Republic of Korea. In a

communiqué issued following their meeting, the ministers agreed to enhance cooperation

between the two countries in the field of petroleum and mineral resources, sharing the view

that stability of the international oil market is beneficial both for oil-producing and

oil-consuming countries. In this regard, the Korean side commended the on-going efforts of

the Kingdom of Saudi Arabia. The ministers shared the view that a long-term stable and

reliable supply of Saudi Arabian crude oil to the Republic of Korea will positively

contribute to its supply security, mutual economic prosperity and the strengthening of the

bilateral petroleum relations. The ministers also agreed to set up a committee from their

respective ministries to promote bilateral cooperation; to exchange periodic visits; to

hold ministerial-level meetings in order to promote bilateral investment and trade

relations; and to promote the exchange of information and expertise.