UAE, Korea sign major energy deals

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Yoon Suk Yeol, President of the Republic of Korea, recently signed agreements to develop cooperation across energy and other sectors between the two countries during Yeol’s visit to the UAE.

The agreements and MoUs signed between the two countries include one related to hydrogen energy’s use in cities, its production, transmission, and storage, signed by the UAE Ministry of Energy and Infrastructure and the Korean Ministry of Land, Infrastructure and Transport.

Additionally, a joint declaration between the two governments was inked to enhance cooperation in energy through a strategic energy partnership. An agreement for cooperation in crude oil storage for “strategic and commercial storage” between ADNOC and the Korean National Oil Company was also signed.

Yeol stated that the Korea-UAE cooperation in clean energy will help stabilize the global energy market and will support the success of the UAE’s hosting of COP28 at the end of this year and work together in that regard.

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