South Korea and Saudi Arabia plan to ink $15.6 billion worth of deals and memorandums of understanding, Yonhap reported, citing the South Korean president’s office.
(Bloomberg) — South Korea and Saudi Arabia plan to ink $15.6 billion worth of deals and memorandums of understanding, Yonhap reported, citing the South Korean president’s office.
The signings will be made in conjunction with a bilateral investment forum and summit between President Yoon Suk Yeol and Saudi Crown Prince Mohammed bin Salman in Riyadh Sunday and Monday.
The 51 agreements will cover sectors ranging from oil to hydrogen to medical products.
Included is a contract between Korea National Oil Corp. and Saudi Aramco to create a joint crude oil reserve of 5.3 million barrels in the South Korean city of Ulsan by 2028, according to the report.
South Korea and Saudi Arabia have been increasing cooperation over the past year, since Riyadh in November agreed to a multi-billion dollar blizzard of investments with some of the Asian country’s largest companies. Yeol began a state visit to Saudi Arabia on Saturday and will travel next to Qatar on Oct. 24-25, Yonhap News previously reported.
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