UAE and South Korea strengthen energy cooperation in hydrogen sector
As part of Abu Dhabi Sustainability Week 2022, the Abu Dhabi Chamber of Commerce and Industry, with the support of the Korea International Trade Association (KITA), held a roundtable meeting between Emirati and Korean companies operating in renewable energy and green hydrogen.
The meeting was attended by Korean President Moon Jae-in, coinciding with his official visit to the United Arab Emirates (UAE). His attendance was welcomed by the President of the UAE Federation of Chambers of Commerce and Industry, Abdullah al-Mazrouei, who praised the participation of the Korean President as a reflection of Korea's commitment and awareness of cooperation.
Abdullah al-Mazrouei emphasised the importance of the Arab country's natural advantages, and its advanced infrastructure with high production capacities. The importance of hydrogen as a potential fuel of the future is linked to the competitive production of hydrogen by countries such as the UAE, which is taking advantage of existing assets to position itself in the energy market.
"The UAE Chambers Federation is fully ready to join hands with KITA, the Korean Hydrogen Alliance and Emirati companies interested in investing in this promising sector," said the UAE Chambers Federation President.
The Korean president also advocated the importance of existing relations that will "expand energy cooperation in the hydrogen sector, a critical energy resource in the carbon-neutral era".
For his part, KITA President Christopher Koo noted the importance of the meeting to discuss the appropriate means for a transition to a hydrogen economy jointly between companies in the UAE and Korea. "The world is currently in a race to achieve carbon neutrality and is racing to transition to green energy sources," explained Christopher Koo.
UAE Vice President, Prime Minister and ruler of Dubai, Mohamed bin Rashid, praised relations with Korea and pledged to further boost bilateral relations between the two countries, according to the Emirates News Agency.
"The strategic partnership between the UAE and Korea provides many opportunities to enhance cooperation in various fields, including economy, trade, food security, health, culture, space, energy and tourism," said Sheikh Mohamed bin Rashid.
Representatives of Emirati companies working in the energy sector also attended the meeting, including Mubadala Investment Company, Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi Developmental Holding Company (ADQ).
Abu Dhabi National Oil Company signed three agreements with various Korean entities, including an agreement between ADNOC and the Export-Import Bank of Korea. In addition, an agreement was signed between ADNOC, the Korea National Oil Corporation and SK Gas on hydrogen, and another agreement was signed between ADNOC and KNOC on ammonia loading.
Also during the meeting, a memorandum of understanding was signed between the UAE Ministry of Defence and the South Korean Defence Acquisition Programme Administration on medium and long-term cooperation in the fields of defence industries and technology.
Mohamed bin Rashid explained that "during the next phase, we will draw up plans to further expand cooperation in areas of common interest, as well as explore development opportunities in priority sectors".
