Saudi Aramco has officially opened its South Korea subsidiary, Aramco Asia Korea Ltd. (AAK), to serve as a base for the longstanding commercial and industrial ties between Saudi Aramco and Korean businesses.
AAK is also part of the newly organized Aramco Asia companies.
“Korean engineering and construction firms now are engaged in contracts valued at more than $14 billion in major Saudi Aramco projects and joint ventures in Saudi Arabia,” said Abdulrahman F. Al-Wuhaib, Saudi Aramco’s senior vice president of Downstream, Korea has become Saudi Arabia’s fourth largest trading partner and the country’s direct investment into the Kingdown has grew by 400% between 2006 to 2010.
“Additionally, Saudi Aramco recently signed contracts with three Korean firms for engineering and construction of a new 400,000 bpd domestic refinery in Jazan in the southwest of Saudi Arabia,” he added.
AAK will support the full spectrum of Saudi Aramco’s interests in Korea, This will include marketing but also procurement and liaison with engineering and project management contractors and interaction with Korea’s research and development community.
Also, Al-Wuhaib emphasized the importance of educational ties between the two nations, and several Saudi students studying at Korean universities attended the event.
“We are thrilled to have a vital economic stake in a nation enjoying a great renaissance,” he said. “In every corner of the world today, people associate Korea with quality, innovation, and competitive pricing.”
Mohammed S. Al-Madi has been named representative director of AAK, he has extensive experience workin in Asia and has performed roles including capital budgeting, international crude oil sales and marketing in the region.
“In our new Seoul office, we are building a team with a keen understanding of their business disciplines and the Korean and Saudi markets,” Al-Madi said at the inauguration ceremony. He said the newly established AAK will become a center for “one-stop service.”
