Saudi Investment Minister Khaled Al-Falih said on Thursday that 26 deals worth $29 billion will be signed During the visit of the Saudi Crown Prince Prince Mohammed bin Salman in South Korea.
The Saudi investment minister confirmed that the Aramco project in South Korea is in line with the guidance of the Kingdom’s Vision 2030, which includes switching Saudi Arabia from using its oil and gas production to sustainable materials.
He said in an interview with Al-Arabiya TV that the Shaheen project, whose deal is being signed today, constitutes the largest foreign investment in Korea, worth up to $7 billion.
The Saudi investment minister added that the Public Investment Fund would sign a series of agreements with a number of Korean companies and revealed Crown Prince Mohammed bin Salman’s plans to meet with representatives of South Korean private companies on the sidelines of his visit. in Seoul in order to strengthen trade relations between the two countries.
The South Korean news agency had revealed on Wednesday, citing sources, that 5 public and private sector companies are expected to sign a memorandum of understanding with the Saudi Public Investment Fund to cooperate in a project to build a green and of ammonia production.
The five companies include Korea Electric Power Corporation, Korea Power Corporation, Korea Petroleum Corporation, POSCO Steel Corporation and Samsung C&T.
This project involves the construction and operation of the green hydrogen and ammonia production plant over a period of 20 years, covering an area of 396,000 square meters in the Saudi city of Yanbu on the Red Sea coast.
The cost of the project is known to be around US$7 billion and the construction of the plant is expected to start in 2025 to 2029. The plant will produce 1.2 million tons of green hydrogen and ammonia.
The South Korean companies expect to receive commercial information from the Public Investment Fund by the end of the month and to start the first feasibility studies.
It will also hold consultations with the Public Investment Fund on feasibility studies and conditions for participation in the project during the first quarter of next year.
AndSaudi Crown Prince Mohammed bin Salman has arrived in SeoulA meeting with South Korean President Yoon Sok Yul is scheduled for Thursday.
Korea is the second stop on Prince Mohammed bin Salman’s Asian tour, which includes a number of countries, during which he will meet their leaders and some of their officials. To discuss bilateral relations and discuss issues of common interest.
On Wednesday, the Saudi crown prince left Indonesia after leading his country’s delegation to the G20 leaders’ summit in Bali.
