Saudi oil giant Aramco has agreed to a $6 billion framework deal with Export-Import Bank of Korea in a move that could help South Korean companies win lucrative contracts in the kingdom, reported the Korean news Agency Yonhap News.
Of the $6 billion, $1 billion has been set aside for hydrogen and renewable energy deals, it stated. The deal is also intended to make contracts from gigaprojects like Neom more accessible to South Korean companies.
Under the framework agreement, the bank can lend up to $6 billion to Saudi Aramco, which in turn pays South Korean companies involved in projects whose orders were placed by the Saudi oil giant.
The deal comes amid expectations of key business opportunities in the kingdom and the Middle East following the November visit to Seoul by Saudi Crown Prince Mohammed bin Salman.
