Saudi Aramco, South Korean firms sign 12 pacts

An Aramco oil tank is seen at the production facility at Saudi Aramco’s Shaybah oilfield in the Empty Quarter, Saudi Arabia.

Saudi Aramco has signed 12 pacts with South Korean partners worth billions of dollars, the company said in a statement on Wednesday, as part of a long-term strategy for downstream growth and diversification.

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The agreements, signed with companies including Hyundai Heavy Industries, cover shipbuilding, engine manufacturing, refining, petrochemicals, and crude supply, sales, and storage, it said.