South Korea and Saudi Arabia will sign 51 deals and memorandums of understanding (MOU) worth a total of US$15.6 billion on the occasion of South Korean President Yoon Suk Yeol's state visit to the Arab country, his office said Sunday. The agreements will be signed on Sunday and Monday during a bilateral investment forum, a ceremony marking 50 years of construction cooperation between the two countries, and following a summit meeting between Yoon and Saudi Crown Prince Mohammed bin Salman, according to senior presidential secretary for economic affairs Choi Sang-mok.
Among them is a contract between the state-run Korea National Oil Corp. and Saudi Arabia's state-run oil giant, Saudi Aramco, to create a joint crude oil reserve of 5.3 million barrels at a storage facility in the South Korean city of Ulsan by 2028.
Meanwhile, South Korean companies have participated in bidding for $25 billion of the total $500 billion worth of projects to be carried out in connection with NEOM, an initiative to develop eco-friendly and smart cities in Saudi Arabia's northwestern Tabuk Province.
"President Yoon plans to ask Crown Prince Mohammed for his active interest and support for South Korean companies to win contracts," - senior presidential secretary for economic affairs Choi Sang-mok
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