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Tue 27 Mar 2018 11:39 AM

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South Korea said to be close to $25bn in UAE energy deals

The amount would be a significant increase from the $21 billion in deals awarded to South Korean firms between 2009 and 2016

South Korea said to be close to $25bn in UAE energy deals

South Korean firms may soon close deals for up to $25 billion in UAE energy development projects, according to Asian news outlets.

Quoting an official from South Korea’s presidential office, Cheong Wa Dae, the Korea Herald said that His Highness Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, had issued specific instructions to UAE officials at a summit in Abu Dhabi that projects valued up to that amount would go to South Korean firms.

Prince Mohamed’s instructions came shortly after he and South Korean President Moon Jae-in agreed to upgrade the relationship between the two countries to “a special strategic partnership.”

The $25 billion will mark a significant increase from the $21 billion worth of UAE projects awarded to South Korean countries between 2009 and 2016.

“The fact that they mentioned how much they will give us immediately after the summit is very exceptional,” the newspaper quoted a Cheong Wa Dae official as saying.

“The fact that they said it was okay to disclose such a special cooperative relationship with South Korea also has significance in that it displayed their confidence in the special relationship,” the official added.

On Monday, President Moon Jae-in and Prince Mohamed were on hand for celebrations marking the completion of the Barakah nuclear plant, for which the Korea Electric Power Corporation (KEPCO) is the prime contractor and joint venture partner.

Additionally, at a separate event, the Abu Dhabi National Oil Company (ADNOC) announces the signing of two deals worth $3.5 billion with Sumsung.

The contracts include a $3.1 billion project to introduce crude oil processing flexibility and a $473 million project to recover power and water at the ADNOC-owned Ruwais oil refinery.