South Korea’s government on Sunday said Hyundai Engineering & Construction has signed a contract worth $5 billion with Saudi Arabian state oil producer Aramco to build a petrochemicals complex in the Middle Eastern nation.

Land minister Won Hee-ryong, who attended a signing ceremony in Saudi Arabia, said the deal would expand energy cooperation between the two countries, the Ministry of Land, Infrastructure and Transport said in a statement.

The deal with Aramco is important to South Korea as it affirms Saudi Arabia’s high level of trust in Korean companies and technologies, while opening up prospects for expanding political and economic cooperation between the two nations, experts say.

Earlier in March 2023, Saudi Aramco’s new $7 billion Shaheen petrochemical project in Ulsan, South Korea also began construction.

The Shaheen project, being built by South Korean refiner S-OIL Corp (63% owned by Aramco), is currently Saudi Arabia’s largest investment in South Korea.

An example of adequate international cooperation

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