Kuwait and South Korea discuss energy cooperation

Jul 15, 2004 02:00 AM

Kuwaiti Prime Minister Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah said that his country will provide crude oil to South Korea in a stable manner and will help Korean firms to join construction projects in Kuwait.
While paying a courtesy call to President Roh Moo-hyun, the visiting Kuwaiti official said he hoped the two countries could further promote bilateral economic cooperation, Chong Wa Dae spokesman Kim Jong-min said. Roh, for his part, expressed satisfaction with the growing economic cooperation between South Korea and Kuwait and also hoped for an expansion of bilateral trade, according to Kim.

During the meeting, Kim added, the top Kuwaiti official gave his support to Seoul's plan to send 3,000 troops to Iraq to help reconstruction efforts in the war-torn Middle Eastern country.
In the meantime, Prime Minister Al-Sabah signed an agreement concerning guarantee of investments after having talks with his South Korean counterpart, Prime Minister Lee Hai-chan. In their one-on-one talks the two officials discussed various ways to promote economic cooperation between the two countries, especially in the fields of energy, officials said.

Prime Minister Al-Sabah emphasized the importance of strong economic cooperation between his country and South Korea, which is currently the second largest importer of crude oil from Kuwait after Japan. He arrived in Seoul along with other senior officials, including Energy Minister Sheikh Ahmad Al-Fahad Al-Sabah, to discuss bilateral issues with South Korea's government officials and leading businessmen.
The Kuwaiti delegation is on a 16-day tour of four Asian nations, including China, Japan and Singapore, to seek economic advice and promote the Gulf Arab state as a viable investment destination.

An important trading partner of South Korea, Kuwait is active in developing industrial projects as well as social infrastructure such as oilfields, production plants, power generation and freshwater facilities.

Source: KoreaTimes
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