Saudi - Korean cooperation in petroleum field
Saudi Arabia-South Korea, Politics, 10/11/1999

Saudi Arabia and South Korea announced their intention to form a joint committee to establish cooperation between the two countries in the petroleum field.

The two countries said this initiative in concluding the visit made by Chung Tok-ku, minister of commerce, industry and energy in South Korea, to Saudi Arabia.

A joint statement between the two countries said Saudi petroleum supplies to South Korea helped fill its petroleum needs and enhance bilateral relations.

Saudi Arabia provides South Korea with 30% of its petroleum consumption.

A Korea diplomat said that "the value of commercial exchange between the two countries reached in 1997 more than $8 billion and that Saudi Arabia greatly benefits from the commercial exchange with South Korea."

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