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Saudi Aramco makes $7 billion investment in South Korea during crown prince’s visit

Saudi Crown Prince Mohammed bin Salman is seeking to boost energy, defense and investment cooperation with Seoul during his trip.
Saudi Crown Prince Mohammed bin Salman (L) speaks with South Korean President Moon Jae-In (not pictured) during a meeting at the Presidential Blue House, Seoul, South Korea, June 26, 2019.

Saudi Arabia’s state-owned oil company announced a major investment in South Korea today during Crown Prince Mohammed bin Salman’s visit. 

Aramco will invest $7 billion in a petrochemical “steam cracker” in the east Asian country. The investment, which is named the Shaheen project, is Aramco’s largest-ever in South Korea. The project will be located at an existing site belonging to the South Korean energy company S-Oil, according to a press release. 

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