Saudi Aramco and its affiliates signed 12 agreements with major South Korean companies to reinforce relationships with South Korea, expand international operations, and support the region’s energy security with the expansion of Arabian crude oil supply to Asian markets, the company said in its release.
Commenting on the agreements, Saudi Aramco President and CEO, Amin H. Nasser, said: “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. Today’s agreements mark a new era of cooperation with our Korean partners who will play an increasingly important role in our strategy to capitalize 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.”
An agreement between Saudi Aramco, Hyundai Heavy Industries (HHI), and The Saudi Arabian Industrial Investments Company (Dussur). The agreement will establish a joint venture (JV) for a world class engine manufacturing and aftersales facility in Saudi Arabia. Under the partnership, Saudi Aramco will own 55% of the JV, while HHI and Dussur will own 30% and 15% respectively.
An MoU between Saudi Aramco and HHI that extends the existing collaboration to develop ship building, engine manufacturing, refining, and petrochemicals.
An agreement between Saudi Aramco and HHI to increase HHI’s equity share in the International Maritime Industries (IMI) from 10% to 20%.
An MoU between HHI, Bahri, and IMI (Joint Venture between Saudi Aramco, HHI, Lamprell, Bahri), covering ship building, and transportation as potential areas of cooperation.
An MoU between HHI and IMI to explore business opportunities in the shipbuilding business.