Saudi - Korean cooperation in petroleum field

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."