SEOUL : South Korea's Hyundai Engineering & Construction and Hyundai Engineering have signed a $2.4 billion contract with oil giant Saudi Aramco to build a gas processing plant, Seoul's presidential office said on Tuesday.
The deal was signed on Monday in Riyadh at a ceremony to mark 50 years of construction cooperation between the two countries, with South Korean President Yoon Suk Yeol attending as part of his state visit to the kingdom.
Jafurah is Saudi's largest unconventional non-oil associated gas field, with reserves estimated at 200 trillion cubic feet of raw gas. Aramco has said daily output could reach around 2 billion cubic feet by 2030. The joint statement also called for greater efforts to prevent the escalation and spread of the conflict between Israel and Hamas, and urged both sides to stop targeting civilians and allow the"rapid and unimpeded delivery" of humanitarian aid.
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