Saudi Arabia has signed investment agreements worth about $30 billion with South Korean companies, Saudi-based Asharq TV quoted the kingdom's investment minister as saying on Thursday, Trend reports citing Reuters.
The agreements coincide with Saudi Crown Prince Mohammed bin Salman's visit to Asia's fourth-largest economy, where South Korean President Yoon Suk-yeol is scheduled to hold talks with him later in the day.
Companies including Samsung C&T Corp (028260.KS) and POSCO Holdings Inc (005490.KS) have signed over 20 agreements with Saudi counterparts in fields such as energy cooperation, railways, chemicals, pharmaceuticals and gaming, South Korea's industry ministry said in a statement on Thursday.
Asharq TV also quoted the Saudi Venture Capital Company as saying it had agreed to establish seven specialised funds.
Among the agreements, Korea Electric Power Corp (KEPCO) (015760.KS) and four other Korean firms signed a memorandum of understanding with Saudi Arabia's Public Investment Fund to build and operate a hydrogen and ammonia production plant in the Saudi kingdom, the company said.
The project will be worth about $6.5 billion, said a source with knowledge of the deal, who was not authorised to speak with media on the matter and declined to be named.