Seoul: South Korea and Saudi Arabia have signed an agreement to collaborate in the energy resources industry, focusing on crude oil and natural gas, as global supply chains experience volatility, the industry ministry announced on Sunday.

According to Yonhap News Agency, Industry Minister Kim Jung-kwan formalized a memorandum of understanding (MOU) with Saudi Energy Minister Abdulaziz bin Salman to create a framework for sustained cooperation in securing key energy resources. This agreement was reached during Kim's two-day visit to Saudi Arabia, which commenced on Saturday.

The Ministry of Trade, Industry and Energy highlighted that the agreement encompasses various areas of cooperation, including crude oil stockpiling, development of oil pipeline infrastructure, and the application of artificial intelligence (AI) and digital technologies to foster innovation within the energy industry.

During his visit, Kim also engaged with Saudi Investment Minister Fahad Al-Saif and Industry and Mineral Resources Minister Bandar Al-Khorayef to discuss the progress of South Korean companies' projects in Saudi Arabia. In a statement, Kim emphasized that the agreement ensures a stable supply of critical resources such as crude oil and naphtha, establishing a foundation for enduring cooperation in the energy sector with Saudi Arabia.

Kim is scheduled to continue his Middle Eastern tour with visits to Qatar on Monday and the United Arab Emirates on Tuesday.