Hyundai wins a $5 billion petrochemical plant construction ‎project in Saudi Arabia

The Korean Ministry of Land announced today, Sunday, that the “Hyundai Engineering and Construction Company” held a signing ceremony with Saudi Aramco for Project 1 and 4 of the “Amiral” petrochemical complex package, which is a project to establish a petrochemical complex in Jubail to produce petrochemical products such as ethylene.

According to the “Korean Yonhap” agency, the size of the project is $ 5 billion (about 6.4 trillion won), and it is the largest project won by a Korean company in Saudi Arabia. Overseas construction orders in the first half of this year reached more than $13.7 billion, surpassing last year’s orders of $12 billion.

“This achievement came after the two countries agreed to develop bilateral relations into a future-focused strategic partnership during the summit of President Yoon Seok-yeol and Crown Prince Mohammed bin Salman last November, as well as on strengthening economic cooperation in the field of energy and infrastructure

The ministry twice supported Korean companies to win orders in Saudi Arabia by forming “Korea, one team” to achieve a “second boom in the Middle East.” Won said, “We will continue to support South Korean companies to win more follow-up orders for mega projects such as ‘NEOM City’.”

During his visit to Saudi Arabia, Won asked Energy Minister Prince Abdulaziz bin Salman to enhance bilateral cooperation in the energy sector and support South Korean companies to participate in Saudi projects.

President Yoon said that the “Admiral” petrochemical project will enhance economic cooperation between the two countries and will also be an opportunity to achieve common prosperity.