SAUDI ARABIA: South Korean President Lee Myung-ba says Saudi Arabia can play major role in stabilising global economy, oil prices

Record ID: 188946

  • Title: SAUDI ARABIA: South Korean President Lee Myung-ba says Saudi Arabia can play major role in stabilising global economy, oil prices
  • Date: 9th February 2012
  • Summary: RIYADH, SAUDI ARABIA (FEBRUARY 8, 2012) (REUTERS) KOREAN PRESIDENT LEE MYUNG-BAK ENTERING MEETING HALL WITH SAUDI AND KOREAN BUSINESS MEN AND OFFICIALS AT LUNCH AUDIENCE CLAPPING, GREETING LEE LEE SEATED WITH SAUDI OFFICIALS CLOSE OF LEE AUDIENCE KOREAN FLAG (SOUNDBITE) (Korean) SOUTH KOREAN PRESIDENT LEE MYUNG-BAK, SAYING: "Your minister is scheduled to visit South Korea in late April with many businessmen, which I think is very meaningful. Because if Saudi Arabian businessmen come and visit South Korea, actually seeing (our country) in person and carrying out exchanges with us, the two countries can find ways for cooperation well and fast, I think. Therefore, I welcome your visit to South Korea in late April. I think our economy group and related ones will be well prepared to welcome you. I'm here when we're marking the 50th anniversary of our diplomatic ties. This year, the international nuclear security summit will be held in late March with heads of about fifty countries and groups. Two years ago, there was the first summit in Washington, and the second summit will be held in Seoul from March 26 to 27. I know that Argentina and Mexico are expected to join the summit. I think it's important to have frequent high-level government meetings between the two countries. I'd like the business people and the administrations of both countries to cooperate with each other to obtain many good results. It will be a good opportunity for the results to influence neighbour countries and the third countries, as well as both countries. The current situations in Europe, Africa and the Middle East are unstable in various ways. The problems in the regions should be resolved quickly and effectively. The global economy is suffering from the European economic crisis. And the global situations would become more difficult if the unstable elements in the Middle East continue without getting any results. Social instability has increased the number of jobless young people. Social instability causes problems to the world as well as to South Korea. I set a high value on Saudi Arabia's efforts to make the state stable. I hope all the issues in the Middle East could be solved in a democratic and peaceful way." VARIOUS OF SAUDI AND KOREANS IN AUDIENCE LISTENING TO SPEECH AUDIENCE CLAPPING KOREAN PRESIDENT SHAKING HANDS WITH BUSINESS MEN AND LEAVING LUNCH HALL
  • Embargoed: 24th February 2012 12:00
  • Keywords:
  • Location: Saudi Arabia, Saudi Arabia
  • Country: Saudi Arabia
  • Topics: Economy,Politics
  • Reuters ID: LVA4PTOL9SP802R0BZRXDW5SQDGE
  • Story Text: Saudi Arabia, the world's leading oil exporter, can play a major role in stabilising global economy through steady oil prices, South Korean President Lee Myung-ba said on Wednesday (February 8).
    South Korea's presidential office said in a statement from Seoul earlier on Wednesday that Saudi Arabia had pledged to "actively consider" supplying additional crude, as Seoul looks for alternatives to Iranian oil.
    "Solving the changing policies in the Middle East by peaceful means and as soon as possible will help stabilise global oil prices and limit its impact on the global economy," Lee said in a speech translated into Arabic.
    "I believe Saudi can play a major role in stabilising the global economy," Lee said in the Saudi capital Riyadh after meeting Saudi Oil Minister Ali al-Naimi.
    Lee is visiting major crude suppliers Saudi Arabia, Qatar and the United Arab Emirates this week to secure stable sources of energy.
    Iran is facing toughened U.S. sanctions that make it difficult for buyers to pay for the crude. Countries that reduce imports can secure a waiver, but South Korea last year increased Iranian imports by a fifth, and has set annual deals for slightly more this year.
    South Korea, the world's fifth-largest crude oil importer, sourced some 87 percent of its crude imports from the Middle East last year, with 9 percent coming from Iran.
    The United States has pushed Asian countries to cut crude supplies from Iran in a bid to pressure Tehran to rein in its nuclear ambitions, which Washington suspects are aimed at making nuclear weapons, while Iran agues that is for peaceful means.
    South Korea owes Iran's central bank some 5 billion U.S. Dollars (USD) for crude oil imports, but the money is trapped in its banking system because of the difficulty of sending money to Iran without falling foul of U.S. sanctions.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2012. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register