The United Arab Emirates (UAE) has proposed a USD 25 billion (about KRW 26 trillion) new oil and gas cooperation project with the Korean government and companies. In addition, a separate industrial complex will be created in the UAE, where only Korean companies can gather. Accordingly, it is expected that Korean companies will accelerate their entry into the UAE.

Cheong Wa Dae explained on March 27 that President Moon`s performance in UAE was the same. According to a senior official of the Cheong Wa Dae, President Moon met with key ministers of the UAE after the sole and extended summit meeting with Mohammed bin Zayed Al Nahyan on March 25 (local time) and was asked to expand investment and cooperation of the UAE side.

The UAE revealed that it will expand its cooperation fields beyond petroleum and gas, refining and chemicals beyond nuclear power plants, and will invest heavily in renewable energy fields this year. He also expressed his intention to invest USD 2 billion this year in port infrastructure to expand freight volume.

UAE has been cooperating with Korean companies for USD 21 billion so far, and said that it will push up to USD 25 billion new cooperation with Korean companies in the wake of President Moon`s visit. It is confirmed that SK Group participated in the oil storage project in the latter part of UAE and Samsung signed a contract worth $ 3.5 billion for the refinery development project.

The UAE also plans to invite Korean companies to the oil refinery and petrochemical conference hosted by the Abu Dhabi National Petroleum Corporation in May. In the area of renewable energy, Masdar SA proposed to establish a joint investment strategy with Korean companies in the Middle East, Africa and the Pacific region of the Abu Dhabi government.

Besides, UAE hopes that the UAE will take immediate steps to cooperate with the nuclear power plant in Saudi Arabia.

"I will not hesitate to give preference to Korean companies during the tour of President Moon." The Korean company has a special status in the UAE in line with the "Special Strategic Partnership" of the UAE through the visit of President Moon. "

A senior representative of the Cheong Wa Dae said, "The UAE does not want Korea to be a country of brotherhood or a `100 years old`, even if the UAE is to drive the president by himself, I think I`m thinking, "he explained.

Cheong Wa Dae plans to share the results of the sales diplomacy that the UAE has made with the companies through the ministries when President Moon returns home.


By Park Mee Yeong mypark@


Moon Presidential Roundtable Korea-UAE Real Cooperation Performance

▲ oil and gas cooperation
- New Abu Dhabi oil field exploration project for this year
- The total amount of cooperation with Korean companies including Samsung and SK will total USD 25 billion (USD 21 billion)

▲ oil refinery and petrochemical sector
- Oil and Chemical Conference (May) sponsored by ADNOC (Abu Dhabi National Oil Corporation)

▲ New and renewable energy sector
- Masdar, Middle East, Africa and Pacific region.

▲ Port development and infrastructure cooperation
- More investment of more than USD 2 billion to expand more than twice the volume of port at Khalifa. Ensure participation of Korean companies
- Discussing with the Korean companies development of the back area of the latter term
- Designing a separate industrial area for Korean companies

▲ Support for Saudi nuclear power plant orders

▲ Agricultural cooperation




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