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27-06-19
Saudi Aramco, Hyosung ink deal on carbon fiber tech
(MENAFN) Oil giant Saudi Aramco and South Korean textile conglomerate Hyosung Group penned a memorandum of understanding on the establishment of a carbon fiber manufacturing facility in the GCC nation.
Both sides, as per the agreement, will be assessing plans on the construction of the facilities along with joining hands in research and carbon fiber technology activities.
Saudi Aramco secured a number of agreements with a number of South Korean companies in line with a trip Saudi Crown Prince Mohammed bin Salman made to Seoul.
Aramco also sealed a deal with Hyundai Heavy Industries Co. to set up in Saudi Arabia a joint venture for facilities that include one specialized in engine manufacturing.
It also signed a contract with Daelim Industrial Co. for cooperation in petrochemical projects.
MENAFN2706201900450000ID1098693022
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