This Day in History

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.

This Day in History (1990): Joint venture agreement signed in Korea

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.

 

Also on this date

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2015 The Paris Agreement relating to climate change is adopted

 

2000 The U.S. Supreme court releases its decision in Bush v. Gore

 

1990 American singer-songwriter Dawin is born

 

1963 Kenya declares independence from Great Britain

 

1917 Father Edward J. Flanagan founds Boy Town as a farm village for wayward boys

 

1901 Guglielmo Marconi receives the first transatlantic radio signal -- the letter S in Morse Code -- at St. John's, Newfoundland

 

627 In the Battle of Neneveh, a Byzantine army under Emperor Heraclius feats Emperor Khosrau II's Persian forces

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