The Strategist

Korean Hyosung Corporation and Saudi Aramco join forces in innovative chemistry


06/28/2019 - 11:04



Representatives of the South Korean industrial conglomerate Hyosung Corporation signed a memorandum of understanding with representatives of Saudi Arabia oil company Saudi Aramco. It is reported by Maeil Business Newspaper, citing company representatives.



According to them, the document between CEO of Saudi Aramco and Head of the Hyosung Corporation was signed at the five-star Conrad Seoul hotel, located in the Yido area.

The memorandum stipulates that the companies will work on development of carbon fiber and how to use it. In addition, the South Korean company intends to strengthen cooperation with Saudi Aramco in other areas, such as energy storage systems and other advanced materials.

Also, Head of the Hyosung Corporation attended an official dinner with high-ranking officials from Saudi Arabia, which was held on June 26 in Cheongwada (Blue House), during which questions about joint cooperation with the conglomerate were raised.

It is known that earlier, in March 2019, representatives of the Hyosung Corporation signed a memorandum of understanding with representatives of Saudi Aramco, according to which representatives of the two countries intend to cooperate in the chemical industry.

source: mk.co.kr