Fri, 20 May 2022

RIYADH, Jan. 18 (Xinhua) -- Saudi Arabia and the Republic of Korea (ROK) signed more than 10 deals during the Saudi-Korean Investment Forum held on Tuesday in Riyadh, capital of the Saudi Arabia.

The forum was held during an official visit of ROK President Moon Jae-in to Saudi Arabia as part of his regional tour.

Among the deals were one agreement and nine Memoranda of Understanding (MoUs) signed between the Saudi Arabian Oil Company (Aramco) and leading ROK entities, which aim to advance Aramco's downstream strategy, support the development of its low-carbon energy solutions, and create new financing options for the company.

The Saudi Public Investment Fund also signed an MoU with ROK's Samsung C&T Corporation and steel-making company Posco to develop a new green hydrogen production plant in the kingdom, with a view to a giant leap in the reduction of carbon emissions and the transfer of knowledge and expertise between the two countries.

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