This Day in History (1990): Joint venture agreement signed in Korea
Aramco signs agreement with SsangYong Business Group to create Han-Saudi Oil Refining Company, Ltd., a forerunner of S-Oil.
From the Dec. 12, 1990 edition of The Arabian Sun
Ali I. Al Naimi, president and CEO of Saudi Aramco, seated third from right in the photo at top, and Suk Won Kim, chairman of the SsangYong Business Group, seated fourth from right, signed a joint venture agreement in Seoul, Korea.
Under the agreement, a new joint venture company -- Han-Saudi Oil Refining Company, Ltd., will be formed to own and operate oil refining facilities located at Onsan, in the Republic of Korea.
The officials also signed a Master Agreement outlining how the joint venture will operate. Aramco Overseas Company, B.V., and SsangYong will each have a 50 percent interest in the joint venture.
Others pictured in the photo at the top during the signing included Stanley E. McGinley, general counsel; Esam M. Trabulsi, vice president of Sales and Market Development; Faysal al-Bassam, vice president of Public Affairs; Ahmed S. Humaid, vice president of Government Affairs; Mohammad Z. Iraani, controller; and David B. Kultgen, associate general counsel.
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