Korea to Strengthen Energy Supply Chain Cooperation with Qatar

Minister Kim Jeonggwan Holds Talks with Qatar's Energy Minister Al-Kaabi
Promoting Practical Cooperation in LNG, Plant Construction, and Shipbuilding

The government is set to strengthen cooperation with Qatar on energy supply chains.

On November 12, Minister of Trade, Industry and Energy Kim Jeonggwan held talks in Seoul with Saad Sherida Al-Kaabi, Minister of State for Energy Affairs of Qatar and CEO of QatarEnergy, to discuss ways to enhance cooperation between the two countries.

This meeting was arranged on the occasion of Minister Al-Kaabi’s visit to Korea. Minister Al-Kaabi has maintained close cooperation between the two countries by visiting Korea consecutively in September last year and again in November this year for energy ministerial talks.

During this meeting, the two countries agreed to work together to: ▲ ensure the stability of energy supply chains, ▲ expand practical cooperation in industrial sectors such as plant construction and shipbuilding, and ▲ strengthen the linkage between LNG production, imports, and related industries. The Ministry of Trade, Industry and Energy plans to establish a regular high-level consultation channel between Korea and Qatar, and to further develop the outcomes of these discussions into concrete business cooperation in areas such as LNG, plant construction, and shipbuilding.

As of January to August this year, Qatar supplied 15.6% (4.87 million tons) of Korea’s LNG imports, ranking second overall. For crude oil, Qatar supplied 3.7 million tons, ranking sixth with a 4.1% share.

From January to September this year, Qatar ranked fifth in Korea’s plant construction orders, totaling 2.79 billion dollars. In addition, Korea’s three major shipbuilders secured orders for a total of 98 vessels worth about 21.7 billion dollars from QatarEnergy between 2022 and 2024.

Minister Kim stated, "This has provided an opportunity to strengthen the stability of energy supply chains and expand practical cooperation in our core industrial sectors." He added, "Going forward, we will activate high-level consultation channels with Qatar and further develop concrete business cooperation in LNG, plant construction, and shipbuilding."