South Korea Wins 46 Saudi Arabia Energy, Infrastructure Projects
October 24th, 2023

Via Nikkei Asia, an article on South Korean engagement with Saudi Arabia:

The South Korean government is pushing infrastructure and energy technology exports to Saudi Arabia, with 46 corporate deals and basic agreements signed during President Yoon Suk Yeol’s visit to the Middle Eastern country. 

Yoon and Saudi Crown Prince Mohammed bin Salman attended a bilateral investment forum in the oil-rich nation on Sunday.

Korea National Oil signed an agreement with Saudi Aramco for a joint oil storage business, while utility Korea Electric Power, steelmaker Posco Holdings and others will work with Aramco on an ammonia production project.

In infrastructure, contractor Hyundai Engineering and Construction will collaborate with the Saudi Investment Ministry on real estate development, and a number of South Korean startups will participate in a smart city construction project.

Hyundai Motor said it is working with Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, on plans to establish a knock-down car assembly plant.

Saudi Arabia is undertaking reforms to diversify its oil-dependent economy. Vision 2030, a long-term economic plan led by Prince Mohammed, calls for expanding infrastructure and developing domestic manufacturing.

The plan includes production of clean energy such as hydrogen. Riyadh has positioned South Korea and Japan as future supply destinations for clean fuels and hopes to receive cooperation in related technologies.


This entry was posted on Tuesday, October 24th, 2023 at 11:30 am and is filed under Saudi Arabia, South Korea.  You can follow any responses to this entry through the RSS 2.0 feed.  Both comments and pings are currently closed. 

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