Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman Al Saud, left, and Korean President Yoon Suk-yeol strolls the president’s residence in Hannam-dong, central Seoul on Thursday. It is the crown prince’s first go to to Korea since 2019. [PRESIDENTIAL Office]
Some 26 memorandums of understanding between Korean corporations and Saudi Arabia have been introduced with the arrival of Crown Prince and Prime Minister Mohammad bin Salman Al Saud in Seoul on Thursday.
The enterprise settlements, although They’ve not any authorized sure, embrace a $7 billion petrochemical enterprise by S-Oil, The Most very important single overseas funding, As properly as to Hyundai Rotem’s railroad and hydrogen practice enhancement cooperation associated to Saudi’s NEOM metropolis enterprise.
The crown prince’s journey to Seoul is his first since 2019.
Based mostly on the Korean Ministry of Commerce, Industry and Power on Thursday, 5 of the enterprise settlements have been made with Saudi’s Ministry of Investment, collectively with Hyundai Rotem’s NEOM railways.
Of the enterprise-to-enterprise settlements, S-Oil’s funding was The Most very important. Saudi’s Aramco is The Most very important stakeholder of S-Oil.
The agency signaled a contract with three Korean enhancement corporations collectively with Hyundai E&C for a petrochemical plant enterprise “Shaheen” in Ulsan.
An factor of the agency’s plans to diversify the refiner’s enterprise portfolio and enhance its inexperienced enterprise, the Shaheen enterprise goals To assemble the world’s largest steam cracker, which performs a petrochemical course of that breaks saturated hydroautomotivebons Similar to ethane and propane And Lightweight naphtha in producing the unsaturated hydroautomotivebon, ethylene.
S-Oil has set its objective of growing its manufacturing of petrochemicals to 25 % from current 12 % by 2030.
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