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Aramco, Korean firm ink SAR 1.3bn MoU

Aramco, Korean firm ink SAR 1.3bn MoU
The MoU signing was attended by Aramco's and KEPCO's presidents (Photo Credit: Arabianeye-Reuters)

 

Riyadh – Mubasher: Saudi Arabian Oil Company (Saudi Aramco), the largest oil company in the world, signed a memorandum of understanding (MoU) with Korea Electric Power Corporation (KEPCO) worth SAR 1.27 billion (KRW 400 trillion).

The MoU signing, on Monday, was attended by KEPCO president Cho Hwan-Ik and Aramco’s president Amin H. Nasser, reported South Korea’s Yonhap News Agency on Wednesday.

The top officials agreed to cooperate on developing specific business in new energy and generation sectors.

The two companies will cooperate in four sectors, namely: smart grid systems, aging power plant performance improvement, clean energy generation and energy efficiency improvement R&D, according to the MoU.

Saudi Arabia expects this deal to contribute in achieving its target of enhancing the efficiency of its national energy.