Saudi Aramco has sealed a deal with two South Korean companies for the construction of a $2.4 billion natural gas processing plant in Saudi Arabia.
Saudi Aramco has sealed a deal with South Korean Hyundai Engineering & Construction and Hyundai Engineering for the construction of a $2.4-billion gas processing plant. The investment will be focused on the second phase of the facility. The two South Korean companies are already working on the first phase after they won the contract for that in 2021. The plant will be built at the Jafurah field, which, according to Reuters, is Saudi Arabia’s largest non-oil associated gas field.
'This is an important step in Aramco's strategy to become a leading global LNG player,' the Saudi company’s head of upstream said at the time. Now, Aramco is looking for more acquisition opportunities in LNG, Reuters reported earlier this month. Meanwhile, it is expanding local gas production as well. The company says it increased its daily gas processing capacity from 2 billion cu ft daily to 18 billion cu ft between 2000 and 2022 and has plans to boost this further.
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