Aramco purchases stake in Hyundai Oilbank, South Korea
Saudi Aramco will acquire a 17% stake in South Korea’s Hyundai Oilbank for approximately US$1.25 billion.
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Advancing its integrated refining and petrochemicals business, Aramco gains access to SABIC’s 62 million tpy petrochemicals capacity.
As part of Saudi Vision 2030, the company aims to improve health and safety while growing its downstream capacity.
Another development in ADNOC’s strategy of expanding its petrochemical business, OMV plan further collaboration with the UAE company.
In a speech given at the Gulf Petrochemicals and Chemicals Association’s Research and Innovation summit, Aramco outlined their vision of increased research and production in the industry.
The UAE company won the award at the 2019 MEED Projects Awards for the Taweelah Gas Compression Plant’s swift completion and high safety standards.
WorleyParsons will take charge of the project management contract for the Ruwais petrochemicals complex in Abu Dhabi.
Halliburton Company has announced it will build the first oilfield chemical manufacturing reaction plant in Saudi Arabia.
The 50:50 joint venture plans to invest around US$1 billion over the next six years in the Saudi fuel retail market.
The signing took place on the sideline of the inauguration ceremony of the National Industrial Development & Logistics Program (NIDLP).
