The talks also covered a range of bilateral and regional issues, particularly the volatile situation in the Middle East and growing concerns on the question of a stable energy supply to Seoul in the wake of Iranian threats to close the Strait of Hormuz.
Lee will hold talks with Custodian of the Two Holy Mosques King Abdullah on Wednesday, said Saudi and Korean officials.
“An agreement to promote cooperation in the health sector will also be signed during Lee’s visit to Riyadh,” said Ahmad Al-Barrak, Saudi ambassador to South Korea.
“During the talks, King Abdullah and Lee will evaluate the bilateral ties marking the 50th anniversary of diplomatic relations between the two countries,” said a statement released by Korean president’s office.
It said Lee would also address business leaders of the two countries during his three-day stay in Riyadh. This interaction will help to boost business ties.
“In fact, the bilateral relationship between Riyadh and Seoul has been characterized by stability, consistency and significant development as a result of the last summit talks between Custodian of the Two Holy Mosques King Abdullah and the late former Korean President Roh Moo-hyun in the Saudi capital on March 24, 2007,” said Al-Barrak.
On the commercial front, he said bilateral trade volume has increased by 300 percent during the past five years.
The Korean president will also travel to Qatar and the UAE during this trip to hold talks with senior officials on issues of common concerns including regional developments, said a diplomat.
He said Tehran, which also exports oil to Seoul, is likely to figure in the talks, mainly because of the alarming situation created by Iran, which is facing toughened US sanctions that make it difficult for buyers to pay for 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. Against this background, the visit of Lee has added significance.
His mission will be “to win commitment from the world’s largest oil producers to export more crude to that Asian nation,” said a Reuters report.
South Korea gets about one third of its crude imports from Saudi Arabia. Together with Qatar and the UAE, the three countries account for about half of Seoul’s total oil imports.
On the other hand, the visit of the Korean president is also focused on how “to boost further cooperation in construction, defense and health sectors,” said the presidential statement.
A separate meeting with Prince Salman, defense minister, is also scheduled.
Currently, Iranian crude accounts for some 10 percent of South Korea’s total oil imports. Officials said they are optimistic about securing commitment from at least three GCC states to increase their oil production to make up for the shortfall in South Korea’s oil imports.
