Chairman of Aramco Arab announced that they will sign 14 agreements with Korean companies for $9bn.
South Korean President and Saudi Crown Prince, Mohammad Bin Salman witnessed the signing of several agreements between the two countries, according to Al-Arabiya.
Saudi Aramco said it had signed 14 agreements with South Koreanpartners for $9bn in a long-term strategy to grow upstream activities anddiversification.
The agreements signed between Saudi Aramco and South Koreancompanies reflect Saudi Aramco's commitment to the security and development ofenergy supplies in Asia.
The agreements, signed by Aramco with companies, including HyundaiHeavy Industries Holdings (HHI Holdings), such as shipbuilding, enginemanufacturing, refining, petrochemicals, crude supplies, sales and oil storage.
"South Korea, through its strong, innovation-based economy,its major companies, and its growing energy market, is an important economicand strategic partner for the success of Saudi Aramco's business and Saudi oiland gas exports are contributing to its economic prosperity," Aramco'schief executive, Ameen Al-Nasser said.
"The series of agreements and memorandums of cooperation wehave signed in Seoul will contribute, in conjunction with the visit of crownprince Mohammad bin Salman, to enter a new phase of economic partnership, whichin turn strengthens the strategy of Saudi Aramco to grow and achieve morediversity and integration desired.
Al-Nasser pointed out that one of the most important benefits ofthese agreements is that they include joint investments in both countries. Theseagreements include vital areas such as refining, chemicals, and oil storage, addingto the areas of localization of the ship and engine industry in Saudi Arabia,and areas of technical development in the means of transport use of hydrogenenergy derived from crude oil and gas. They also include the development of theuse of non-metallic materials related to the petrochemical industries and willcontribute to providing long-term options for marketing Saudi crude oil andmeeting the growing demand for energy and chemical products in this importantregion.
An example of the quality of the new forms of Korea-Saudicooperation, which were recently launched, Aramco has joined HHI Holdings,the third largest shipbuilding company in the world, to establish a jointventure to build the largest shipyard in the Gulf at Ras Al-Khair. The Koreancompany will be responsible for the design and engineering work of theshipyard.
