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Lee arrives in Saudi Arabia on mission to ensure stable supply of oil

Feb. 7, 2012 - 22:02 By

RIYADH, Feb. 7 (Yonhap) -- South Korean President Lee Myung-bak arrived in Saudi Arabia on Tuesday on a mission to win commitment from one of the world's largest oil producers to export more crude to the Asian nation after it cuts back on imports from Iran.

The three-day trip to Riyadh comes as South Korea prepares to reduce its crude imports from Iran in line with a U.S.-led campaign to dry up the Middle Eastern nation's oil export revenues as punishment and pressure over its alleged nuclear weapons programs.

Lee will later visit Qatar and the United Arab Emirates on similar missions.

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.

The visit to Riyadh includes talks with King Abdullah bin Abdul Aziz about boosting cooperation in energy, construction, defense and health care areas, the presidential office said. Separate meetings with the Saudi defense and oil ministers are also scheduled.

Iranian crude accounts for some 10 percent of South Korea's total oil imports. Concerns have arisen that a drastic cut could have negative effects on Asia's fourth-largest economy. Officials said a key focus of Lee's trip will be to ensure there will be no disruptions to the oil supply after Seoul cuts back on Iranian imports.

Officials said they are optimistic about securing commitment from the three nations to increase their oil production to make up for the shortfall in South Korea's oil imports because the countries are also concerned about the prospect of a nuclear-armed Iran.