Aramco Plans $6 Billion Korean Refinery Boost to Place Saudi Oil - Bloomberg:
Saudi Aramco is planning a $6 billion expansion at its South Korean refining unit as the state-owned producer signs deals to ensure long-term demand for its crude in Asia.
Saudi Crown Prince Mohammed bin Salman took Aramco’s Chief Executive Officer Amin Nasser with him to Korea during a visit that saw a raft of deals from crude supply to ship building and automobile industry projects signed between the two countries. Aramco, officially known as Saudi Arabian Oil Co., and other Saudi businesses agreed to $8.3 billion worth of projects with Korean companies during the visit, the Korean energy ministry said.
Prince Mohammed is leading the push to transform the crude-dependent Saudi economy by developing new industries at home. Korea Shipbuilding & Offshore Engineering Co. was among the companies that agreed to set up businesses like ship building and servicing in the kingdom, which is the largest supplier of oil to South Korea.
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