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Saudi Aramco inks multibillion-dollar deals with S. Korean firms

Saudi Aramco inks multibillion-dollar deals with S. Korean firms
The agreements mark a new era of cooperation with our Korean partners

Riyadh – Mubasher: Saudi Aramco and its affiliates signed twelve agreements with leading companies in South Korean as part of the kingdom’s vision to endorse the mutual relation with South Korea.

The signing of the deals also comes as part of increasing international operations, and boosting the region’s energy security with the expansion of the Arabian crude oil supply to Asian markets, the kingdom’s state-owned crude producer said in a press release on Wednesday.

Saudi Aramco noted that the agreements were signed with the following South Korean partners: Hyundai Heavy Industries (HHI), Hyundai Oilbank, The Hyundai Motor Group, Korea National Oil Corporation, Hyosung, GS Holdings, and Daelim Industrial.

“Only a few decades ago, Korean companies played a vital role in Saudi Aramco’s upstream offshore growth development. Since then, they have moved into other sectors matching Saudi Aramco’s diversification strategy,” the President and CRO of Saudi Aramco Amin H. Nasser commented.

He further added: “Today’s agreements mark a new era of cooperation with our Korean partners who will play an increasingly important role in our strategy to capitalise on new initiatives that include long-term energy supply, maritime and infrastructure development, and breakthrough research and development in the automotive, crude to chemicals, and non-metallic sectors.”