Saudi Investment Minister Khaled Al-Falih said today, Thursday, that 26 agreements worth $29 billion will be signed During the visit of the Saudi Crown Prince Prince Mohammed bin Salman to South Korea.
The Saudi Minister of Investment confirmed that the Aramco project in South Korea comes in line with the directions of the Kingdom’s Vision 2030, which includes Saudi Arabia’s shift from using its oil and gas production to sustainable materials.
He said, during an interview with Al-Arabiya TV, that the Shaheen project, whose agreement is being signed today, constitutes the largest foreign investment in Korea, with a value of up to $7 billion.
The Saudi Minister of Investment added that the Public Investment Fund will sign a number of agreements with a number of Korean companies, and revealed the plans of Crown Prince Mohammed bin Salman to meet representatives of South Korean private companies on the sidelines of his visit to Seoul in order to strengthen trade relations between the two countries.
The South Korean News Agency had revealed yesterday, Wednesday, quoting sources, that it is expected that 5 companies from the public and private sectors will sign a memorandum of understanding with the Saudi Public Investment Fund to cooperate in a project to build a green hydrogen and ammonia production plant.
The five companies include Korea Electric Power Corporation, Korea Power Corporation, Korea Petroleum Corporation, POSCO Steel Corporation and Samsung C&T.
This project includes the construction and operation of the green hydrogen and ammonia production plant for a period of 20 years, which covers an area of 396,000 square meters in the Saudi city of Yanbu on the Red Sea coast.
It is known that the cost of the project is regarding $7 billion. It is expected that the construction of the plant will begin in 2025 until 2029. The plant will produce 1.2 million tons of green hydrogen and ammonia.
The South Korean companies plan to receive commercial information from the Public Investment Fund later this month and begin initial 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 arrived in SeoulOn Wednesday, he is scheduled to meet with South Korean President Yoon Sok Yul on 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 a number of their officials. To discuss bilateral relations and discuss issues of common interest.
Earlier on Wednesday, the Saudi Crown Prince left Indonesia following heading his country’s delegation at the G20 Leaders’ Summit that was held in Bali.
