Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Saudi-Korean Investment Forum

The Saudi Arabian Oil Company (“Aramco” ) announced the signing of one agreement and nine Memoranda of Understanding (MoUs) with leading Korean entities, which aim to advance its downstream strategy and support development of low-carbon energy solutions, while creating new financing options for the Company.


The agreements were announced on the sidelines of a meeting between HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, and the President of the Republic of Korea, H.E. Moon Jae-in.

The signings took place at the Saudi-Korean Investment Forum in Riyadh, an event hosted by Saudi Arabia’s Ministry of Investment which was also attended by the President of the Republic of Korea, Aramco President & CEO Amin H. Nasser, and senior corporate executives from both countries.

Local manufacturing of industrial equipment
Aramco signed an agreement with Korea’s Doosan Heavy Industries & Construction Company and the Saudi Arabian Industrial Investments Company, Dussur. This partnership aims to establish a casting and forging facility that could supply the Kingdom’s manufacturers with industrial and process equipment such as valves, pumps, compressors, wellheads, flanges, heat exchangers, and gas and wind turbines, with the objective to enhance local content. The planned joint venture has a production target of 60,000 tons per year, primarily from sand-casting and open-die forging processes, complemented by machining capabilities. It also has potential to supply original equipment manufacturers (OEMs) in the rig, drilling, maritime and engine fields, with the possibility of expanding to the wider GCC market.

Low-carbon energy solutions
The agreements also include MoUs with Korean energy companies KEPCO, S-Oil, POSCO, Hyundai Oilbank, H2Korea and Lotte Chemical to explore potential collaboration in the supply, transportation, utilization and certification of hydrogen and ammonia. The companies also plan to study the feasibility of converting exported ammonia into hydrogen – a process known as ammonia back-cracking. This represents a first step towards a potential large-scale production facility for hydrogen and ammonia in Saudi Arabia, which would also include a Carbon Capture and Storage (CCS) facility.

Finance solutions

The Company also signed a Heads of Terms agreement with the Export-Import Bank of Korea (K-EXIM) to explore strategic financing solutions in support of the Company’s business and investment activities involving Korean companies.


Information Source: Read More–>

Oil and gas, press , | Energy, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Electric,

#FOLLOW US ON INSTAGRAM