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Hyundai E&C wins $5 billion contract with Saudi Arabia

Posted June. 26, 2023 07:56,   

Updated June. 26, 2023 07:56


Hyundai Engineering & Construction (Hyundai E&C) successfully signed a contract with Saudi state-run oil company Aramco to build a petrochemical complex worth five billion dollars, making it the largest Saudi project ever won by any South Korean business. Much attention is being gathered to a second “Middle East Boom” as it is the first achievement made since Crown Prince and Prime Minister of Saudi Arabia Mohammed bin Salman met President Yoon Suk Yeol on his trip to South Korea last November.

Hyundai E&C held a contract signing ceremony with Aramco in the Saudi oil company's headquarters in Dhahran to celebrate the winning of projects No. 1 and No. 4 of the Amiral Petrochemical Complex Package, announced the South Korean Ministry of Land, Infrastructure and Transport on Sunday. The business aims to build facilities to produce ethylene of 1.65 million tons per year, the cream of the petrochemical industry, based on raw materials gained during oil refining procedures, and set up major infrastructure systems, tanks, and output facilities in Jubail, the eastern part of the country. Worth five billion dollars, it is the first more-than-five-billion-dollar project won in nine years since 2014. The project is the seventh largest ever, following the Barakah Nuclear Energy Plant in the United Arab Emirates in 2009 and the Karbala Oil Refinery in Iraq in 2014.

“The government will work closely with the business as a united team to help strengthen the two countries’ mutual trust thanks to winning the Amiral Petrochemical Complex project,” President Yoon announced on Sunday.