The Saudi Aramco
IKTVA program aims to increase the company's locally sourced goods and services to 70% by 2021 and contribute to the Saudi Vision 2030.
"This center will be a game-changer in ways that many of us would have considered science fiction' at the beginning of our careers," said Saudi Aramco
's Vice President of Petroleum Engineering & Development, Mr.
Under this partnership deal, Saudi Aramco
will own 55 per cent of the JV, while HHI and Dussur will own 30 and 15 per cent respectively.
Commenting on the agreements, Saudi Aramco
President and CEO, Amin H.
is a global integrated energy and chemicals company.
Nasser said: "Only a few decades ago, Korean companies played a vital role in Saudi Aramco
's upstream offshore growth development.
The multi-industry agreements signed by Aramco
in Seoul include one between Saudi Aramco
, Hyundai Heavy Industries (HHI), and Saudi Arabian Industrial Investments Company (Dussur) to establish a joint venture for an engine manufacturing and after-sales facility in Saudi Arabia.
But collaboration is not as good as it should be between Aramco
and UK companies, said Talal Al-Marri, president and chief executive of Aramco
Overseas Company, an international subsidiary of the Middle Eastern energy and petrochemicals giant.
is expanding its refining and petrochemical business globally by signing new deals and boosting the capacity of its existing plants.
also owns a 63.41 percent stake in the country's No.3 refiner S-Oil.
"The investment supports Saudi Aramco
's broader downstream growth strategy, as well as providing long term crude oil options and offtakes as part of our trading business," he added.
will set the price of its bonds later on Tuesday.