Giant banners welcoming Saudi Crown Prince Mohammed Bin Salman's visit to S.Korea hangs on the S-Oil headquarters building in Seoul, S.Korea, on Monday. Reuters/Kim Hong-Ji
Saudi Crown Prince Mohammed Bin Salman plans to visit South Korea this week as the two countries seek to bolster economic ties, officials in Seoul said on Monday.
The two-day visit from Wednesday will be the first by an heir to the throne of the world’s largest oil exporter since 1998.
The crown prince, Saudi Arabia’s de facto ruler and defence minister, will meet South Korean President Moon Jae-in on Wednesday, Moon’s office said.
“The two sides will sign a series of agreements to promote cooperation on areas including energy and public service,” a South Korean official told Reuters.
Saudi Arabia is South Korea’s top oil supplier. South Korea imported 101.5 million barrels of crude oil from the Middle Eastern country in the first four months of 2019, down 2.7% from a year ago, according to data from state-run Korea National Oil Corp (KNOC).
South Korea has also been keen on Saudi Arabia’s nuclear power project. State-run utility Korea Electric Power Corp was shortlisted last July to bid for building nuclear plants in the kingdom.
The United Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei congratulated the new Saudi Arabian Rnergy Minister, Prince Abdulaziz Bin Salman, in a tweet.
Saudi Arabia raised the local price for Octane 95 to 2.10 riyals from 2.02 riyals last quarter and Octane 91 to 1.44 riyals from 1.37 riyals per litre, state oil firm Saudi Aramco said on Saturday. The change goes into effect on Sunday (April 14), the company said in a statement,
Riyadh is committed to “stabilise” the oil market after a US decision to end sanction exemptions for Iran’s customers, Saudi Arabia›s Energy Minister Khalid Al Falih said on Monday. The kingdom reaffirms its longstanding policy, which seeks to stabilise the markets at all times,” he said in a statement carried by the official Saudi Press Agency.
Non-oil trade exchange between the United Arab Emirates and the Kingdom of Saudi Arabia has reached Dhs417.6 billion over the past five years, Sultan Bin Saeed Al Mansouri, Minister of Economy, has stated.
The UAE Central Bank has announced that gross bank assets, including bankers’ acceptances, rose by 0.3 per cent, increasing from Dhs2,975.8 billion at the end of July 2019, to Dhs2,983.4 billion at the end of August 2019.
Under the patronage of Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, the UAE Maritime Week 2019, the pioneering regional maritime event,