South Korea trumpets Hyundai's $5bn contract with Aramco
Business
Saudi Arabia sealed another $11bn similar deal with the French energy giant
SEOUL (Reuters) – 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 news comes as Aramco inked a similar $11bn deal with the TotalEnergies of France a day earlier.
"Aramco and TotalEnergies today awarded Engineering, Procurement and Construction (EPC) contracts for the $11 billion Amiral complex, a future world-scale petrochemicals facility expansion at the SATORP refinery in the Kingdom of Saudi Arabia," a joint statement read.
