2007 News Story

Saudi, South Korean ministers review petroleum, trade issues

The Minister of Petroleum and Mineral Resources, Ali Al-Naimi held talks today with Korean Minister of Commerce, Industry and Energy Kim Young-ju.  The two reviewed aspects of cooperation in the field of petroleum and the current international oil market.

Al-Naimi told the Saudi Press Agency  that the bilateral ties between the two sides are considered as a new model for the international cooperation for the good of the two countries.

Following his meeiting with Al-Naimi, Minister Kim Young-ju met with Minister of Commerce and Industry Dr. Hisham Yamani and discussed ways to enhance bilateral cooperation in various fields.

Kim is in Riyadh as part of the delegation of South Korean President Roh Moo-hyun on his official visit to Saudi Arabia.

According to South Korean government figures. Saudi Arabia is the fourth-largest supplier of oil to South Korea and the single largest construction market for Korean builders, with cumulative orders totaling $58 billion, according to South Korean government figures.