The Prime Minister of South Korea, Mr. Kim Chong Pil, had talks on Friday (15?
The Prime Minister of South Korea, Mr. Kim Chong Pil, had talks on Friday (15 February), with the visiting Saudi Arabian Minister of State Without Portfolio, Mr. Hisham Muhyi Al Din Nazir. They discussed ways in which their two countries could benefit economic cooperation.
Saudi Arabia is South Korea's main supplier of crude oil, and in December the Arab oil producing countries promised to lift all restrictions on oil supplies to the Republic. This promise followed a visit to Saudi Arabia by Mr. Choi Kyu-Hah, the Korean Special Presidential Assistant on Foreign Affairs.
About sixty per cent of South Korea's crude oil is imported from Saudi Arabia, sixteen per cent from Kuwait, another sixteen per cent from the Khafji neutral zone, and the remaining eight per cent from Iran.
The country uses about three hundred thousand barrels of crude oil a day, and most of it is imported from the Middle East by three American oil companies - Gulf Oil, Caltex and Union Oil. The recent sharp increase in oil prices has dealt a heavy blow to the South Korean economy.