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.
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."
The agreements are part of Saudi Aramco's long-term downstream growth and diversification strategy, which were signed with the following South Korean companies:
Hyundai Heavy Industries (HHI)
The Hyundai Motor Group
Korea National Oil Corporation