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.
Saudis share photos and videos of the crown prince, who made the IPO the centrepiece of his plan to diversify the kingdom's economy away from oil and open up its society.
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.
London's benchmark FTSE 100 index was up 1.0 per cent, in the eurozone, Frankfurt won 0.9 per cent and Paris climbed 0.8 per cent.
Spot gold was up 0.8% at $2,033.86 per ounce by 0655 GMT, after hitting a record high of $2,036.49. US gold futures rose 1.4% to $2,049.30.
The benchmark Nikkei 225 index slipped 0.26 per cent, or 58.81 points, to end at 22,514.85, while the broader Topix index inched down 0.04 per cent, or 0.55 points, to 1,554.71.
Brent crude was up by 31 cents, or 0.7%, at $44.74 a barrel by 0713 GMT. The contract rose 0.6% on Wednesday to its highest close since March 6. West Texas Intermediate oil was up by 26 cents, or 0.6%, at $41.96 a barrel. The contract ended Tuesday trading 1.7% higher, its highest close since late July.