South Korean group Hyosung said it has signed an agreement with state oil giant Saudi Aramco to jointly build a carbon fiber manufacturing facility in the kingdom and also collaborate on its research and development activities.
As per the MoU, Hyosung Group, a textile conglomerate in South Korea, will provide a collaboration platform for the two companies on research and development, and deployment of carbon fiber technology.
Hyosung is one of the leading producers of carbon fibers, operating a 2,000-ton-capacity plant in South Korea. The two sides also agreed to work together on chemicals and electric power systems, as well as other areas.
This MoU is the latest in a series of similar deals between South Korean firms and Aramco that were made on the occasion of Saudi Crown Prince Mohammed bin Salman's visit to Seoul last week.
The Saudi group had signed 12 agreements with major Korean firms including top shipbuilder Hyundai Heavy Industries Company and Daelim Industrial Company to reinforce relationships with the country and expand international operations besides supporting the region’s energy security with the expansion of Arabian crude oil supply to Asian markets.
