2004 News Story

Oil minister heads for Japan after visiting Korea

Minister of Petroleum and Mineral Resources Ali Al-Naimi was received in Seoul today by the Republic of Korea’s Acting President and Prime Minister Ko Kun. Following discussions with Korean officials not only on oil, but also on cooperation in the mining sector, Minister Al-Naimi left for Japan.

South Korea is an important trade partner of the Kingdom and ranks as its third largest importer of crude oil after the United States and Japan, at over 700,000 barrels per day. In addition, Saudi Aramco owns 35 percent of the Korean oil company that refines 570,000 barrels per day of Saudi crude for local consumption and re-exportation.