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.
Confirmation of a new Brexit deal sent sterling to a five-month high on Thursday and hoisted European stocks to a year-and-a-half peak, before familiar doubts about British parliamentary support for the agreement hauled them back.
Emirates NBD Bank on Thursday announced that it proposes to raise Dhs6.45 billion via a rights share offering to strengthen its capital base and support the future growth of the business.
The Abu Dhabi National Oil Company (Adnoc), Adani Group, BASF SE and Borealis AG have signed a Memorandum of Understanding, MoU, to engage in a joint feasibility study to further evaluate a collaboration