Saudi Aramco has signed 12 agreements with major South Korean companies to expand international operations and support the region’s energy security with the expansion of Arabian crude oil supply to Asian markets.
The agreements, which includes plans to explore further crude oil storage in South Korea, are part of the company’s long-term downstream growth and diversification strategy.
Some of the agreements comprise:
Hyundai Heavy Industries
• An agreement between Saudi Aramco, Hyundai Heavy Industries and the Saudi Arabian Industrial Investments Company will establish a joint venture for a world class engine manufacturing and aftersale facility in Saudi Arabia.
• An MoU between Saudi Aramco and HHI to extend the collaboration to develop refining and petrochemicals
• A crude oil sales agreement between Saudi Aramco and Hyundai Oilbank for Saudi Aramco to supply Arabian crude oil to Hyundai Oilbank
• Aramco Trading Company signed a crude oil agreement to supply non-Arabian crude oil to Hyundai Oilbank
Korea National Oil Corporation
• An MoU between Saudi Aramco and Korea National Oil Corporation that will allow Saudi Aramco to explore the potential of crude oil storage in South Korea to complement its marketing and supply activities
• An MoU between Saudi Aramco and GS Holdings to identify specific investment opportunities in Saudi Arabia
• The companies are collaborating on petrochemical projects and signed a new MoU to foster collaboration on value-added chemical products in Saudi Arabia.
Amin Nasser, Saudi Aramco president and CEO, says: ‘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.’