Oil and gas giant Saudi Aramco said on Wednesday that it had signed 12 agreements with South Korean companies worth billions of dollars in a bid to boost cooperation with the region
MOSCOW (Pakistan Point News / Sputnik - 26th June, 2019) Oil and gas giant Saudi Aramco said on Wednesday that it had signed 12 agreements with South Korean companies worth billions of Dollars in a bid to boost cooperation with the region.
The company has not specified the exact value of the deals, only noting that they aim to "expand international operations, and support the region's energy security with the expansion of Arabian crude oil supply to Asian markets."
In particular, Saudi Aramco signed five agreements with Hyundai Heavy Industries, two with Hyundai Oilbank as well as deals with the Hyundai Motor Group, Korea National Oil Corporation, Hyosung, GS Holdings и Daelim Industrial.
The deals concern creation of joint ventures, exploration of the potential for crude oil storage in South Korea, research and development, as well as search for investment opportunities for South Koreans in Saudi Arabia.
"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," Saudi Aramco President and CEO Amin H. Nasser said, as quoted in the company's statement.
Saudi Aramco is a Saudi state-owned oil company, founded back in 1933. The company controls almost all oil production in the country.
