Saudi Aramco signs 12 multibillion dollar agreements with South Korean companies


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Saudi Aramco signed 12 agreements with South Korean companies, including Hyundai and Korea National Oil Corporation, to expand the international operations of the world's largest crude exporter and support the region's energy security.

"Today's agreements mark a new era of co-operation with our Korean partners who will play an increasingly important role in our strategy to capitalise on new initiatives that include long-term energy supply, maritime and infrastructure development, and breakthrough research and development in the automotive, crude to chemicals, and non-metallic sectors," said Aramco president and chief executive Amin Nasser.

“Only a few decades ago, Korean companies played a vital role in Saudi Aramco’s upstream offshore growth development. Since then, they have moved into other sectors matching Aramco’s diversification strategy," Mr Nasser added.

The accords cover shipbuilding, engine manufacturing, refining, petrochemicals, as well as crude supply, sales and storage. They are part of Aramco’s long-term strategy to shift into downstream – which refers to the refining and chemicals segments of the energy value chain – and expand and strengthen its portfolio in this space.

In March, Aramco agreed to buy a 70 per cent stake in Sabic, the region’s biggest chemicals company, citing growth in petchems as central to its downstream expansion strategy.

As part of the shift, the world’s biggest oil exporting company has also been looking to sell more products, and make new investments in refining and chemical assets, in the growing markets of Asia, from where much of the demand originates.

Last year, state-owned Abu Dhabi National Oil Company (Adnoc) and Aramco signed an agreement to jointly invest in a $44 billion (Dh166bn) refinery on the west coast of India.

In April, Aramco also reached an agreement with Hyundai to acquire a 17 per cent stake in Oilbank, one of the South Korean company's subsidiaries, in a transaction valued at $1.25bn.

Saudi Arabia's new deals announced on Wednesday with South Korean companies deepen their bilateral business ties.

They include an agreement between Hyundai Heavy Industries (HHI), Aramco and Saudi Arabian Industrial Investments Company (Dussur) to establish a joint venture to build an engine manufacturing and aftersales facility in Saudi Arabia. Aramco will own 55 per cent of the venture, while HHI and Dussur will own 30 per cent and 15 per cent, respectively.

Aramco also signed a pact with HHI to increase the latter's share in International Maritime Industries (IMI) to 20 per cent from 10 per cent, and two further pacts involving HHI, Saudi shipping company Bahri and IMI to explore co-operation in shipbuilding.

Aramco and its subsidiary Aramco Trading Company struck crude oil sales agreements with Hyundai Oilbank, and Aramco also signed a pact with Hyundai Motor Company to accelerate the expansion of the hydrogen ecosystem in Saudi Arabia and South Korea, and explore the use of advanced non-metallic materials in the automotive and other industries.

Three other agreements were signed with South Korean companies this week.

These were with Hyosung to build a car carbon fibre manufacturing facility in Saudi Arabia; R&D collaboration with GS Holdings to identify investment opportunities in Saudi Arabia; and to co-operate with Daelim Industrial on chemical product sales and development in the kingdom.

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

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Day 5, Abu Dhabi Test: At a glance

Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.

Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.

The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.

Short-term let permits explained

Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.

Tenants also require a letter of no objection from their landlord before being allowed to list the property.

There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.

Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.

Defence review at a glance

• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”

• Prioritise a shift towards working with AI and autonomous systems

• Invest in the resilience of military space systems.

• Number of active reserves should be increased by 20%

• More F-35 fighter jets required in the next decade

• New “hybrid Navy” with AUKUS submarines and autonomous vessels

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

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Wear a face mask.

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Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

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UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

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RESULTS

1.30pm Handicap (PA) Dh 50,000 (Dirt) 1,400m

Winner AF Almomayaz, Hugo Lebouc (jockey), Ali Rashid Al Raihe (trainer)

2pm Handicap (TB) Dh 84,000 (D) 1,400m

Winner Karaginsky, Tadhg O’Shea, Satish Seemar.

2.30pm Maiden (TB) Dh 60,000 (D) 1,200m

Winner Sadeedd, Ryan Curatolo, Nicholas Bachalard.

3pm Conditions (TB) Dh 100,000 (D) 1,950m

Winner Blue Sovereign, Clement Lecoeuvre, Erwan Charpy.

3.30pm Handicap (TB) Dh 76,000 (D) 1,800m

Winner Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.

4pm Maiden (TB) Dh 60,000 (D) 1,600m

Winner Bladesmith, Tadhg O’Shea, Satish Seemar.

4.30pm Handicap (TB) Dh 68,000 (D) 1,000m

Winner Shanaghai City, Fabrice Veron, Rashed Bouresly.