South Korea, Saudi Arabia Forge Oil Trade Ties

South Korea and Saudi Arabia have inked a maritime trade deal in Riyadh during South Korean President Park Geun-hye’s two day visit to the country.

The deal, signed on Tuesday, paves way for ensuring a safe and steady supply of oil to South Korea from the Middle East country, Yonhap news agency informed.

South Korea imports over 2.8 million barrels of oil from Saudi Arabia per year, which is over a third of the country’s total oil imports, according to South Korean Ministry of Oceans and Fisheries.

Under the agreement, the ships and crew members of the two countries will be given the status of a national when making port calls in each other’s countries.

In addition, sailor identification cards issued by the other nation will also be recognized thus facilitating the cooperation.

World Maritime News Staff

Related news

List of related news articles