Aramco, Korean Hyundai to set up new plant in Saudi Arabia

Hyundai Heavy Industries Co. is seeking to build a new plant for ship docks and engines in Saudi Arabia in partnership with Saudi Arabian Oil Co. (Saudi Aramco), Yonhap has reported.

SK Global Chemical Co. is also considering setting up another plant in Saudi Arabia in partnership with Saudi Basic Industries Corporation (SABIC).

Saudi Arabia and South Korea are planning to undertake 40 joint projects in five fields including manufacturing, energy, infrastructure, health and small and medium enterprises (SMEs) in line with Saudi Vision 2030, said Paik Un-gyu, South Korean minister of trade, industry and energy.

In July, Hyundai Heavy Industries Co., signed a memorandum of understanding with Aramco to make an engine and marine pump manufacturing facility.

Also, South Korean petrochemical company SK Global Chemical Co. and SABIC have formed a joint venture to produce polyethylene products. Meanwhile, a consortium led by Daewoo Engineering & Construction Co. is working on detailed plans to build a new city located east of the airport in Riyadh.