Saudi Arabia's national oil company Saudi Aramco and its affiliates have signed 12 agreements with major South Korean companies to expand international operations, strengthen relationships with South Korea, and expand Arabian crude oil supply to Asian markets.
The company has signed two agreements for the supply of Arabian and non-Arabian crude oil to Hyundai Oilbank and a Memorandum of Understanding (MoU) with Korea National Oil Corporation allowing Saudi Aramco to explore the potential of crude oil storage in South Korea to complement its marketing and supply activities. Saudi Aramco has also signed an MoU with Hyundai Motor Company to accelerate the expansion of the hydrogen ecosystem in the Saudi Arabian and South Korean markets and an MoU with Daelim Industrial to collaborate on petrochemical projects in Saudi Arabia.
Other agreements concerning engine manufacturing, shipbuilding, automotive or non-metallic sectors are expected to contribute to Saudi Aramco’s long-term downstream growth and diversification strategy.