President of Korea and HRH Crown Prince inaugurate Korean S-Oil refinery 2 Seoul

Following that, Minister of Trade, Industry and Energy of Korea Sung Moon Yoo told his listeners that S-Oil has attracted investments amounting to $5 trillion, Korea's largest investment in the field of oil, thus, nominating S-Oil to become the region's largest energy and petrochemical conglomerate. He paid tribute to the distinguished history of friendship between Korea and Saudi Arabia, which goes back to more than half a century during which numerous Korean companies have worked in the Kingdom's market, particularly in the fields of engineering, construction and infrastructure for ports and highways, noting that the Kingdom of Saudi Arabia is considered Korea's biggest oil supplier and a main and important partner in achieving economic growth for Koreans.

He said the two companies have agreed to pump more new investments in the sector of petrochemicals.

For his part, Minister of Energy, Industry and Mineral Resources of Saudi Arabia Eng. Khalid Al-Falih confirmed that the new complex embodies and celebrates the firm and fruitful relations binding the Republic of Korea and the Kingdom of Saudi Arabia which goes back to the year 1962 when they established diplomatic relations.

Al-Falih recalled the role being played by Korean nationals and companies in the 1970s in the comprehensive development in the Kingdom, citing the completion of the Kingdom's infrastructure. In the years that followed, the two countries' economies experienced dramatic growth as the Saudi oil supplies contributed to the launch and sustainability of the Han River miracle here in Korea, a source of pride to us as Korea's biggest raw oil supplier and its constant secure source of energy.

He added that, today as the world is worried about the flow of oil supplies, I assure you, Excellency, that Korea could always depend on Saudi Arabia in facing what could cause uncertainty about oil markets fluctuations.

He said the two countries are now pioneering members of the G20 and are becoming strong competitors at the global economy arena and two of its most dynamic players, partly attributed to our long commitment to partnership and cooperation.

He cited the building of tens of giant vessels and oil tankers at Korea's shipyard which still transport billions of Saudi raw oil barrels from our ports to the world.

And today, Saudis and Koreans are busy working on King Salman Global Complex for Maritime Industries and Services in Ras Al-Khair industrial city to build a giant complex for maritime industries that transfers the Korean successful experience in ship building to the Kingdom, he said. However, the most prominent and great success of this company is the project we are celebrating today as S-Oil has not only met Korea's requirements of oil products and petrochemicals but also contributed to secure the country's energy security and economic prosperity and put new standards for the performance of companies, human resources development, technological promotion, environmental sustainability and achieving great value for partners of this project.

Source: Saudi Press Agency