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Saudi Aramco, South Korea's Hyundai sign $2.4B contract to develop gas field

The contract was signed during South Korean President Yoon Suk Yeol’s visit to Saudi Arabia.

Saudi Arabia’s oil giant Aramco inked a $2.4 billion contract with South Korea's Hyundai Engineering & Construction and Hyundai Engineering for the construction of a gas processing plant in the Gulf country, Seoul’s presidential office said in a statement on Tuesday.

The signing came during an event held in Riyadh to commemorate 50 years of construction cooperation between Saudi Arabia and South Korea. The ceremony was attended by South Korean President Yoon Suk Yeol, who was on a four-day visit to the kingdom.

The two South Korean affiliates of Hyundai Motor Group are already working on the first phase of the Jafurah gas processing facilities project in the kingdom’s eastern province. State-owned Aramco awarded them a $1.7 billion contract for the development of the field in 2021.

Monday’s contract marks the second phase of the project.

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