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South Korea's Hyundai and Saudi Arabia's Saudi Aramco have signed a deal to build a $2.4 billion gas plant.
According to Reuters, the agreement was signed in Riyadh during a ceremony marking 50 years of relations between Saudi Arabia and South Korea, witnessed by South Korean President Yoon Suk Yeol during a state visit to the kingdom.
Hyundai said the two sides are implementing the first phase of the project at Jafurah, Saudi Arabia's largest gas field, with estimated reserves of 5.7 trillion cubic meters of raw gas.
According to Aramco, the project's daily output could reach around 57 million cubic metres by 2030. Korea National Oil Corporation has also won a storage agreement with Aramco, allowing the Saudi company to store 5.3 million barrels of oil at South Korean storage facilities at the port of Ulsan for five years.
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