South Korean textile conglomerate Hyosung Group has signed a memorandum of understanding (MoU) with Saudi Aramco, the world's largest oil company, to cooperate on carbon fibre technology. The MoU was among the 12 deals signed between South Korean firms and Aramco on the occasion of Saudi Crown Prince Mohammed bin Salman's visit to Seoul this week.

 

As per the deal, the two sides will review their plan to build a carbon fibre manufacturing facility in Saudi Arabia, and also collaborate on research and development activities on carbon fibre technology, South Korean media reports said.

 

The two sides also agreed to work together on chemicals and electric power systems, as well as other areas.

 

Hyosung is one of the leading producers of carbon fibres, operating a 2,000-ton-capacity plant in South Korea.

 

The Saudi state-run company also signed a deal with Daelim Industrial Co., a major construction company, to collaborate on petrochemical projects. (RKS)