Some 26 memorandums of understanding between Korean companies and Saudi Arabia were announced with the arrival of Crown Prince and Prime Minister Mohammad bin Salman Al Saud in Seoul on Thursday.
The business agreements, though they have no legal bound, include a $7 billion petrochemical project by S-Oil, the biggest single foreign investment, as well as Hyundai Rotem’s railroad and hydrogen train development cooperation related to Saudi’s NEOM city project.
Of the business-to-business agreements, S-Oil’s investment was the largest. Saudi’s Aramco is the largest stakeholder of S-Oil. The company signed a contract with three Korean construction companies including Hyundai E&C for a petrochemical plant project “Shaheen” in Ulsan.
Part of the company's plans to diversify the refiner’s business portfolio and increase its green business, the Shaheen project aims to build the world’s biggest steam cracker, which performs a petrochemical process that breaks saturated hydrocarbons such as ethane and propane and light naphtha in producing the unsaturated hydrocarbon, ethylene.
Read the full story at Korea JoonAng Daily