Saudi Aramco has sealed a deal with South Korean Hyundai Engineering & Construction, and Hyundai Engineering for the construction of a $2.4-billion gas processing plant. The plant will be built at the Jafurah field, Saudi Arabia’s largest non-oil associated gas field, according to Reuters. Lately, Saudi Arabia has been focusing on enlarging its natural gas output to broaden its sources of energy revenue beyond solely relying on crude oil. Meanwhile, it is expanding local gas production as well. During the signing of the $2.4-billion deal for the Jafurah facility, Riyadh also inked an agreement with a South Korean company, allowing Aramco to store 5.3 million barrels of crude at a facility operated by Korea’s state-owned KNOC.
- Saudi Aramco Inks $2.4 Billion Natural Gas Plant Deal With Hyundai