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

Author

Listed:
  • Lee, Kwon Hyung

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Son, Sung Hyun

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Jang, Yunhee

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Ryou, Kwangho

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Lee, Dawoon

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

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.

Suggested Citation

  • Lee, Kwon Hyung & Son, Sung Hyun & Jang, Yunhee & Ryou, Kwangho & Lee, Dawoon, 2022. "Petroleum Industry Diversification in the Middle East and Its Policy Implications for Korea in the Era of Energy Transition," World Economy Brief 22-14, Korea Institute for International Economic Policy.
    • Handle: RePEc:ris:kiepwe:2022_014
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    Keywords

    Middle East; Petroleum Industry; Korea; Energy Transition;
    All these keywords.

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