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Hyundai Engineering & Construction (Hyundai E&C) has secured a groundbreaking $5 billion petrochemical contract with Aramco for a mega-complex in Saudi Arabia, marking a high point in South Korean overseas orders.
According to Korea Joongang Daily, this is so far the largest order that any local company has ever secured from the said Middle Eastern country for the building of a factory. Based on the report, this is part of the Amiral project, which is a world-scale petrochemical complex that is being co-developed by the French energy and petroleum firm, TotalEnergies and Aramco.
The South Korean Ministry of Land, Infrastructure and Transport said that the goal of the deal between Hyundai E&C and Aramco is to open a facility in the Eastern provincial city of Al Jubail for the production of basic petrochemical products like ethylene. With the signing of the agreement, Korea's total overseas orders in the industry have reached more than $13.7 billion, which exceeded the total value of orders for the entire 2022, which is $12 billion.
Aramco is also the state oil company of Saudi, and its new deal with Hyundai E&C has been confirmed by Korea's MOLIT on Sunday, June 25. President Yoon Suk Yeol reportedly praised the Amiral project as he said the upcoming petrochemical complex would set down the solid base for the co-prosperity of the two countries.
The presidential spokesman, Lee Do Woon, shared that President Yoon hailed the project, saying it would make their bilateral economic relationship better. Moreover, the leader said the deal is another achievement for secured MOUs between South Korea and Saudi Arabia, an addition to the November 2022's deal worth KRW40 trillion or about $30 billion.
Finally, The Korea Times reported that MOLIT's minister, Won Hee Ryong, said the deal is a result of the president's commitment to Saudi Crown Prince Mohammed bin Salman which was articulated when the latter visited the country last year.
"The leaders of the two countries agreed to develop bilateral relations into a future-oriented strategic partnership, thereby promoting large-scale economic cooperation in the energy and infrastructure sectors," Won stated during the signing ceremony of the MOU.
Photo by: Hyundai E&C Press Release
