Korea and Oman discuss energy supply chain cooperation
Both countries agreed they have great prospects of cooperating in the green hydrogen area, which can utilize Oman’s rich renewable energy resources.
Trade, Industry and Energy Minister Lee Chang-yang held talks with Oman’s Energy and Minerals Minister Salim bin Nasser Al Aufi concerning bilateral energy supply chain cooperation and Korea’s participation in Oman’s energy infrastructure projects.
Accordingly, joint measures across green hydrogen production, overseas hydrogen supply chain establishment, hydrogen cars and fuel cell are potential areas for cooperation.
Minister Lee noted how important the two countries are to one another, as Oman is the fourth largest LNG supplier (9.6% of Korea’s total LNG imports) to Korea, while Korea is Oman’s largest LNG importer (44.2% of Oman’s total LNG exports).
Moreover, he mentioned Korean companies’ participation in projects to build a desalination plant and refinery in Oman and called for Oman’s special interest in and support for the Korean companies that have taken on various projects in solar power, wind power, renewables and hydrogen.
Minister Lee also introduced Korea’s renewable energy supply experience, as well as the Hydrogen Economy Development and Hydrogen Safety Management law, and the Hydrogen Economy Masterplan, both established in 2021.
The Minister stated that “amid skyrocketing LNG prices from rising uncertainties in the international gas market, securing the Korea-Oman energy supply chain is critical, and close cooperation should be maintained.”