Agreement on May 21 Aims to Boost Korean Firms’ Middle East Orders
President Hwang Ki-yeon of the Export-Import Bank of Korea (left) is taking a commemorative photo after signing the “Framework Agreement Individual Loan Financial Contract” with Saudi Aramco CFO Ziad Al-Murshed at the bank’s headquarters in Yeouido, Seoul, on May 21. (Provided by the Export-Import Bank of Korea)
The Export-Import Bank of Korea has signed a $3 billion financial contract with Saudi Arabia’s state-owned oil company Saudi Aramco (hereinafter Aramco), stepping up to support domestic companies in winning orders in the Middle East and to stabilize the energy supply chain.
According to the Export-Import Bank of Korea on May 22, President Hwang Ki-yeon met with Ziad Al-Murshed, Chief Financial Officer (CFO) of Aramco, at the bank’s headquarters in Yeouido, Seoul, on May 21 and signed the “Framework Agreement Individual Loan Financial Contract.”
The Framework Agreement is a preemptive financial cooperation system established with Aramco, the largest client in the Middle East and a core supplier for domestic crude oil imports.
Through this individual loan support, the bank expects to enhance the competitiveness of domestic companies in winning orders in the Middle East region while strengthening the supply chain stability of essential resources such as crude oil.
“The signing of this $3 billion financial contract will be an important milestone that elevates the strategic financial cooperation relationship between the two institutions to the next level,” President Hwang said. “We expect the participation of Korean companies in future large-scale new projects promoted by Aramco to be further expanded.”
He added, “The Export-Import Bank of Korea will perform the most reliable and swift bridge role. Based on a solid financial foundation, we will respond to global market volatility and contribute to preemptively securing the stability of the domestic energy supply chain.”
The Export-Import Bank of Korea has continuously provided financial support to large-scale projects led by Aramco.
Representatively, it has participated in the Saudi Amiral petrochemical facility project and the Jafurah cogeneration plant project, supporting domestic companies in winning local orders.
In the future, the bank plans to support the expansion of domestic companies’ participation in infrastructure restoration projects and new gas and energy projects that will be promoted after the stabilization of the Middle East situation. The Export-Import Bank of Korea intends to provide timely support by utilizing various policy finance tools.
Yoon Young-sil
댓글
0