Aramco inks 10 partnerships with Korean entities
RIYADH, January 20, 2022 – Saudi Aramco has signed one agreement and nine MoUs with Korean companies for advancement of Saudi Arabia’s downstream sector and low-carbon energy developments, the Saudi NOC announced on Tuesday.
The contract with Doosan Heavy Industries & Construction Company and Saudi Arabian Industrial Investments Company involves construction of a 60,000-tonnes-per-year manufacturing facility for valves, pumps, compressors, wellheads, flanges, heat exchangers and gas and wind turbines.
The development is in line with the company’s intent to up local manufacturing content and supply local original equipment manufacturers.
Cost of the works was not disclosed.
The NOC also signed MoUs with KEPCO, S-Oil, POSCO, Hundai Oilbank, H2Korea and LOTTE Fine Chemicals for supply, transportation, utilisation and certification of hydrogen and ammonia.
The company intends to build a large-scale hydrogen and ammonia production facility that would include carbon capture and storage capabilities.
Additionally, Saudi Aramco penned a heads of terms agreement with Export-Import Bank of Korea for financing involving its Korean partnerships.
The signings took place at the Saudi-Korean Investment Forum in Riyadh.