Saudi Arabian oil company Aramco announced that it has signed an agreement in addition to nine other memoranda of understanding (MoUs) with major Korean entities aiming to optimize its downstream strategy and develop low-carbon energy solutions.

This development came on the sidelines of the Saudi-Korean Investment Forum held by Saudi Arabia’s Ministry of Investment and attended by the President of the Republic of Korea, Aramco President & CEO Amin H. Nasser, and senior corporate executives from both countries.

The agreements were signed in the fields of local manufacturing of industrial equipment, low-carbon energy solutions, and finance solutions seeking to boost cooperation between the two sides.

On this occasion, Amin H. Nasser, Aramco President and CEO, said: “Our partnership with Korean companies spans decades and today we are pleased to broaden these ties in technology, manufacturing and finance. In addition to focusing on cutting-edge development in a range of areas, they also support our shared goal of finding climate solutions and lowering greenhouse gas emissions through the development of low-carbon hydrogen and ammonia production, as well as carbon capture and storage. Together, these initiatives with Korea’s industry leaders will further enhance our downstream expansion and integration strategy.”