This photo, provided by South Korea’s Ministry of Land, Infrastructure and Transport, shows officials of Saudi Aramco and South Korean Land Minister Won Hee-ryong (3rd from L, back row) after signing an agreement on the construction of the Amiral petrochemical plant.
SEOUL, June 25 (Korea Bizwire) – Hyundai Engineering & Construction Co. has signed an agreement with Saudi Arabia’s state oil company Aramco to build a mega petrochemical plant in the east of the Middle Eastern country, Seoul’s land ministry said Sunday.
The US$5 billion Amiral project aims to establish a facility to manufacture basic petrochemical products, such as ethylene, in Saudi’s eastern provincial city of Jubail, according to the Ministry of Land, Infrastructure and Transport.
It is the largest order a South Korean company has won from Riyadh for plant construction, the ministry said. That raises Korea’s total overseas orders in the sector to more than $13.7 billion, surpassing last year’s entire order of $12 billion won.
Land Minister Won Hee-ryong attended the signing ceremony in Saudi Arabia on Saturday (local time), vowing to spare no efforts in giving support for large infrastructure projects in the Middle East.
President Yoon Suk Yeol hailed the Amiral project, saying it will serve to lay the solid foundation for co-prosperity of the two countries and to firm up the bilateral economic relationship, according to presidential spokesperson Lee Do-woon.
(Yonhap)
