Saudi Aramco and South Korean steelmaker Posco signed a Memorandum of Understanding (MoU) to explore opportunities of constructing an integrated steel plant in Saudi Arabia.
The project is part of Aramco’s flagship program to collaborate and launch new businesses across sectors and enhance local business ecosystem and supply chains. The company’s five-year-old program ‘In-Kingdom Total Value Add (iktva)’ invests in international partnerships to establish companies linked to Aramco’s business.
Besides Posco, Saudi Aramco has signed collaboration MoUs with Shell & AMG Recycling BV (Netherlands) for catalyst manufacturing and recycling; four Chinese companies including Suzhou XDM for industrial 3D printing; Shen Gong New Material (Guang Zhou)) for development of energy management and control systems for LED lighting; Xinfoo Sensor for advanced chip and smart sensor manufacturing and Zhejiang Supcon for services and manufacturing value chain.
Saudi Aramco and Posco will collaborate and evaluate the feasibility of establishing an integrated steel plate production facility in Saudi Arabia.