Seeking Opportunities for Korean Projects Amid Middle East Energy Transition Demand
KOTRA to Host 'Middle East Energy Transition Project Seminar' on the 27th
[Asia Economy Reporter Kim Pyeonghwa] The Korea Trade-Investment Promotion Agency (KOTRA) will hold the "Middle East Energy Transition Project Plaza" from the 27th to the 29th. This event is conducted in connection with the Korean joint pavilion at the '2022 Dubai Water, Energy, and Environment Technology Exhibition (WETEX 2022)' to explore new project contract opportunities in the Middle East.
On the 27th, a Middle East Energy Transition seminar will be held to introduce trends, visions, and key green project information in the Middle East energy transition. Speakers include Abu Dhabi National Oil Company (ADNOC), Oman Energy Public Company (OQ), UAE Ministry of Energy and Infrastructure, UAE Waste Authority, and the International Renewable Energy Agency (IRENA). They will inform about project participation opportunities aimed at creating a new Middle East boom in the energy transition sector for about 100 domestic energy project companies.
At the WETEX 2022 Korean joint pavilion operated by KOTRA, Korea Western Power, Korea Environmental Industry & Technology Institute (KEIA), Korea Water Industry Association (KWP), and Korea Association of Machinery Industry (KOAMI), efforts will be made to promote the acquisition of Middle East energy transition projects. Thirty-two innovative companies in energy fields such as hydrogen, renewable energy, environmental technology, and water will participate to consult with Middle East buyers on eco-friendly technology solutions. Discussions will cover joint ventures (JV) in the hydrogen industry, green hydrogen infrastructure projects based on solar and wind farms, and joint acquisition plans for Middle East eco-friendly projects, which are optimal responses to climate change.
Prior to this event, domestic companies conducted 40 pre-online consultations with Middle East buyers from the 1st to the 7th, discussing eco-friendly technologies needed in the Middle East market. The plan is to meet offline during the WETEX 2022 exhibition period and concretize cooperation plans through follow-up consultations.
The Middle East has an average of 10 to 14 hours of sunlight, making it an advantageous environment for solar power generation and green hydrogen production. The hot and dry desert climate is directly affected by global warming. This background has led to high interest in future energy transition in preparation for the post-oil era. The UAE has announced plans to raise the share of renewable energy and nuclear power to 50% of the total energy mix by 2050. Oman also plans to increase this share to 30% by 2030.
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Yang Gi-mo, head of KOTRA's Middle East regional office, said, "The Middle East has high interest in clean energy transition due to hosting the United Nations Climate Change Conference of the Parties (COP27, COP28) for two consecutive years," adding, "We will strive locally so that our companies can take the lead in the new Middle East boom by securing green hydrogen infrastructure projects through this event." COP27 will be held in Egypt this November, and COP28 will be held in the UAE next November.
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