Petroleum Industry Diversification in the Middle East and its Policy Implications for Korea in the Era of Energy Transition

6 Pages Posted: 26 Apr 2022

See all articles by Kwon Hyung Lee

Kwon Hyung Lee

Korea Institute for International Economic Policy

Sung Hyun Son

Korea Institute for International Economic Policy

Yun Hee Jang

Korea Institute for International Economic Policy

Ryou Kwang Ho

Korea Institute for International Economic Policy

Dawoon Lee

Korea Institute for International Economic Policy

Date Written: April 6, 2022

Abstract

The GCC oil exporters including Saudi Arabia and the UAE are under strong pressure to prepare for decreasing global oil demand in the era of energy transition and carbon neutrality. To overcome these challenges, they need to diversify their industrial structure and develop low carbon technologies such as green hydrogen and CCUS (Carbon Capture, Utilization and Storage). This research is aimed to examine various mid-to-long term plans, industrial policies, and business cooperation cases to promote diversification in the Middle Eastern petroleum industry, suggesting policy proposals for cooperation between Korea and the Middle East and business opportunities in the region.

Keywords: Middle East, Petroleum Industry, Korea, Energy Transition

Suggested Citation

Lee, Kwon Hyung and Son, Sung Hyun and Jang, Yun Hee and Kwang Ho, Ryou and Lee, Dawoon, Petroleum Industry Diversification in the Middle East and its Policy Implications for Korea in the Era of Energy Transition (April 6, 2022). KIEP Research Paper, World Economy Brief 22-14, Available at SSRN: https://ssrn.com/abstract=4091567 or http://dx.doi.org/10.2139/ssrn.4091567

Kwon Hyung Lee (Contact Author)

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Sung Hyun Son

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Yun Hee Jang

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Ryou Kwang Ho

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Dawoon Lee

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

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