Saudi Minister of Investment Khaled Al -Falih said today, Thursday, that Saudi Arabia has concluded investment agreements of about $ 30 billion with South Korean companies, according to Al Sharq channel.
The agreements coincide with the visit of Saudi Crown Prince Mohammed bin Salman to South Korea, the fourth largest Asian economy, as he is scheduled to hold talks with President Yun Suk Yol later today.
The South Korean Ministry of Industry said, in a statement today, Thursday, that companies, including Samsung C & T and Bosco Holding, have entered into more than 20 agreements with Saudi companies in areas, including cooperation in energy, railways, chemicals, pharmaceutical industries and games.
Al -Sharq channel quoted the Saudi bold investment company as saying that it had concluded an agreement in South Korea to establish seven specialized funds.
The agreements include the signing of the Korean Electric Energy Company (KIPCO) and four other Korean companies a memorandum of understanding with the Saudi Public Investment Fund to build and operate the green hydrogen and ammonia factory in Saudi Arabia.
An informed source, who refused not to mention his identity, said that he was not authorized to talk to the media, that the project is worth $ 6. 5 billion.
Kipco said that the factory is expected to produce 1.
2 million tons of green hydrogen and ammonia annually, and Yonhap said today, Thursday, quoting sources in the sector that the factory will build between 2025 and 2029 and will be operated 20 years.
The Ministry of Industry stated that among the other agreements is a memorandum of understanding between Hyundai Rutt and Saudi Arabia to cooperate in a railway project in the Kingdom for the NEOM industrial zone of $ 500 billion, and the ministry did not disclose the potential value of the agreement.
“The South Korea government will effectively support the successful application of the cooperative project that uses the latest Korean architecture in the smart city of Neum,” said South Korean Trade Minister Lee Zhang Yang.
The company S -Oil, whose largest shareholder is the Giant Saudi Oil Company, Aramco, that it intends to invest 9. 3 trillion One (7 billion dollars) at the Ulsan factory to produce high -value Petrochemical products..
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