Saudi Aramco signed a memorandum of understanding (MoU) with S-Oil, one of South Korea’s top refiners by capacity, to provide technical advice on a $6 billion petrochemical plant, according to Reuters.

The MOU took place as Saudi Crown Prince Mohammed bin Salman visited South Korea this week to boost economic ties between the two countries.

The plant is anticipated to be completed by 2024, with a capacity of 1.5 million tonnes per year and olefin downstream facilities in the plant.

Saudi Aramco said in a separate statement on the same day that it had signed 12 agreements with South Korean partners worth billions of dollars.