South Korean companies Hyundai Engineering & Construction and Hyundai Engineering have entered into a deal worth approximately $2.4 billion with Saudi Arabia’s state oil company Saudi Aramco to build a gas processing plant at the Jafurah field, the South Korean presidential administration said on Tuesday.
The Jafurah gas field is Saudi Arabia’s largest field, which contains about 200 trillion standard cubic feet of natural gas.
The $2.4 billion contract to build the Jafura 2 plant was signed during a ceremony marking the 50th anniversary of construction cooperation between South Korea and Saudi Arabia. It was attended by South Korean President Yoon Suk-yeol, who is currently on a four-day visit to Saudi Arabia.
The ceremony also saw the signing of a memorandum of understanding between South Korea’s Samsung C&T and the Saudi Arabian Public Investment Fund on the creation of a joint venture for modular construction, as well as the signing of a memorandum of understanding between South Korean mobile operator KT Corporation, Hyundai Engineering & Construction and Saudi Telecom on the creation of data centers and other digital infrastructure.