At an inaugural dinner in Seoul, Abdulrahman F. Al-Wuhaib, Saudi Aramco’s senior vice president of Downstream, noted that South Korea has become Saudi Arabia’s fourth-largest trading partner and that the Asian nation’s direct investment in the Kingdom grew by 400 percent between 2006-2010.
“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,” Al-Wuhaib said. “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.”
At the inauguration ceremony, Al-Wuhaib also provided details about the business Aramco Asia Korea will conduct.
“It supports the full spectrum of Saudi Aramco’s interests in Korea. These include not only marketing, but also procurement and liaison with engineering and project management contractors, and interaction with Korea’s sophisticated research and development community.”
He envisioned a bright future for relations between the two nations.
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,” Al-Wuhaib 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. Prior to his current position,
Al-Madi, who has extensive experience working in Asia, 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.”
More than 300 guests including government officials of South Korea, AAK’s peer companies, suppliers, and local universities attended the cerebration event in Seoul.