Saudi Arabia, South Korea Firms Sign Deals Worth $30 Bln -Minister
Date
11/17/2022 12:10:16 AM
(MENAFN- Trend News Agency) Saudi Arabia has signed investment agreements worth about $30
billion with South Korean companies, Saudi-based Asharq TV quoted
the kingdom's investment Minister as saying on Thursday, trend reports citing reuters .
The agreements coincide with Saudi crown prince Mohammed bin
Salman's visit to Asia's fourth-largest economy, where South Korean
President Yoon Suk-yeol is scheduled to hold talks with him later
in the day.
Companies including Samsung C&T Corp (028260.KS) and POSCO
Holdings Inc (005490.KS) have signed over 20 agreements with Saudi
counterparts in fields such as energy cooperation, railways,
chemicals, pharmaceuticals and gaming, South Korea's industry
ministry said in a statement on Thursday.
Asharq TV also quoted the Saudi Venture Capital Company as
saying it had agreed to establish seven specialised funds.
Among the agreements, Korea Electric Power Corp (KEPCO)
(015760.KS) and four other Korean firms signed a memorandum of
understanding with Saudi Arabia's Public Investment Fund to build
and operate a hydrogen and ammonia production plant in the Saudi
kingdom, the company said.
The project will be worth about $6.5 billion, said a source with
knowledge of the deal, who was not authorised to speak with media
on the matter and declined to be named.
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