Kim Dong-kwan Holds Private Meeting with ADNOC CEO, Accelerating an 'Energy Alliance' Beyond Petrochemicals and Shipbuilding

[Financial News] Kim Dong-kwan, vice chairman of Hanwha Group, met with Sultan Ahmed Al Jaber, the UAE Minister of Industry and Advanced Technology and CEO of ADNOC, to discuss in depth ways to strengthen energy security and business cooperation between the two companies. Based on their strong partnership in petrochemicals and shipbuilding, attention is now turning to whether the alliance with Middle Eastern "oil money" will expand into broader green energy areas, including solar power.
According to business circles on the 9th, Vice Chairman Kim recently held a private meeting with CEO Al Jaber, who was visiting South Korea, at an undisclosed location in Seoul. The meeting followed their previous encounter during Al Jaber's visit to Korea in December last year and was part of ongoing discussions on partnership. The two leaders reportedly exchanged views on a wide range of cooperation measures for energy security amid growing uncertainty in the global energy supply chain.
ADNOC is one of the world's top 10 state-owned oil companies, with daily crude oil production of about 4 million barrels. It has built a powerful value chain spanning exploration and production of crude oil and natural gas, as well as refining, petrochemicals, and global trading.
In particular, Hanwha Group has maintained a strong business partnership with ADNOC across multiple areas. Hanwha Ocean has secured a series of orders from ADNOC for very large crude carriers (VLCCs) and liquefied natural gas (LNG) carriers, establishing itself as a key partner in shipbuilding.
Business circles are paying close attention to ADNOC's recent efforts to transform itself into a green energy company, including in renewable energy. This is because synergies with Hanwha, which has world-class solar manufacturing capabilities, could soon take shape.
An industry official said, "The meeting with CEO Al Jaber appears to be aimed at strengthening cooperation between Hanwha and ADNOC," adding, "Beyond petrochemicals, shipbuilding, and defense, mega-project cooperation between Hanwha and the UAE is expected to become visible in a wide range of fields in the future."
hoya0222@fnnews.com Kim Dongho Reporter