Aramco Board of Directors strengthen ties in South Korea
Directors tour Aramco facilities, affiliates around board meetings.
Aramco’s Board of Directors recently held meetings in South Korea (Republic of Korea), a strategically important partner country, and utilized the opportunity to further strengthen relationships and gain greater insights into affiliated projects.
On March 9, Aramco president and CEO Amin Nasser and Downstream executive vice president Mohammed Y. Al-Qahtani attended a groundbreaking ceremony for the $7 billion Shaheen petrochemical project in Ulsan, South Korea, alongside the Republic’s president Yoon Suk-Yeol.
Government officials and company representatives from Saudi Arabia and South Korea also attended the milestone event. The Shaheen project, which was announced in November 2022, is being developed by Aramco affiliate S-Oil and is a key part of Aramco’s regional crude to chemicals strategy.
“We are deeply honored by the presence of His Excellency president Yoon at this historic groundbreaking ceremony,” said Nasser.
Shaheen is among Aramco’s biggest international downstream investments, representing a significant and sizable step forward in our liquids-to-chemicals expansion and another major milestone in further strengthening our presence in South Korea.
— Amin Nasser
On March 11, the Board of Directors visited the city of Ulsan, an industrial region for shipbuilding, international trade, and heavy industries. The Board and company executives met with the management of Hyundai Heavy Industries (HHI) and toured HHI’s Ulsan facility, the largest shipyard in the world.
HHI is a joint venture partner in developing the International Maritime Industries project in Ras al-Khair, Saudi Arabia.
Following the visit to HHI, the Aramco Board toured S-Oil’s Ulsan refinery, including the site of the Shaheen project.
Caption for top photo: Members of the Aramco Board of Directors pose while taking a tour of S-Oil, which will be the site of the Shaheen project.