The Ministry of Trade, Industry and Energy announced on that South Korea and Malaysia signed three MOUs during South Korean President Moon Jae-in’s state visit to Malaysia.
The three MOUs include one between Korea Trade Insurance Corp. and PETRONAS. The MOU is for South Korean companies to take a greater part in the latter’s oil and gas projects in Malaysia. Also, both organizations are going to conclude an agreement within this year so that conditional financing can be provided with regard to the use of South Korean equipment in an energy project of PETRONAS.
The two countries also signed a research collaboration agreement regarding virtual power plant management in Malaysia. Signed by a South Korean consortium and Tenaga Nasional Berhad (TNB), a national power company of Malaysia, the agreement is to conduct a joint virtual power plant demonstration as a part of Malaysia’s project for energy storage and solar power generation system installation and virtual power generation platform construction in five regions. The total cost of the project is US$7 million and South Korea is going to bear US$5 million publicly and privately.