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FinancialNews
08-03-23
Aramco inks USD6B agreement to support South Korean firms achieve deals in KSA
(MENAFN) Saudi Aramco has reached a USD6 billion framework agreement with the Export-Import Bank of Korea that might support South Korean firms achieve deals in the nation.
The three-year agreement was inked by Eximbank Chairman Yoon Hee-Sung as well as Saudi Aramco Chief Financial Officer Ziad Al-Murshed in Seoul.
The deal states that Eximbank can loan up to USD6 billion to Saudi Aramco which can be utilized to compensate South Korean firms included in ventures with the worldwide energy companies.
"The deal could give a big boost to South Korean companies in winning contracts in the Middle East," an Eximbank representative stated.
The bank also mentioned that USD1 billion out of the USD6 billion is set for hydrogen and renewable energy agreements.
The deal came after prospects of profitable business prospects in the Kingdom as well as the Middle East after the November trip to Seoul by Saudi Crown Prince Mohammed bin Salman.
MENAFN08032023000045014228ID1105728861
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