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President of Korea and HRH Crown Prince inaugurate Korean S-Oil refinery 3 Seoul

He said: "These successes reflect the broader aspects of the relationship between Korea and the Kingdom. It is a relationship based on political consensus and a set of shared values and interests. This is evidenced by the fact that in recent years our relations have exceeded economic, financial and investment activities, development, arts and culture, health and education.

He expressed his confidence that the strategic partnership will continue to flourish through the Joint Saudi Vision Committee, which, within the vision of the Kingdom of Saudi Arabia, will build, strengthen and develop strategic partnerships with the world's economic, scientific, technical and industrial countries.

"We look forward to continuing to work with His Excellency the Minister of Commerce, Industry and Energy of the Republic of Korea, Sung Yun-mo, and all relevant parties to seize all the opportunities available to us not only in our two countries but also in the world markets through our established partnership.

He expressed his deep appreciation and sincere congratulations to S-Oil and Saudi Aramco for their concerted efforts that made S-Oil one of the leading oil and petrochemical companies in Asia and worldwide.

Then, President Moon Jae-in of the Republic of Korea and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, inaugurated the Korean S-Oil refinery.

A memorandum of understanding was signed between Saudi Aramco and S-Oil to establish the steam cracker and the production of olefin derivatives with a value of $6billion by 2024, the new and global steam cracking unit will produce ethylene and other basic chemical products derived from naphtha and gas residues in the refinery.

The inauguration ceremony was attended by the official delegation accompanying the Crown Prince and senior Korean officials.

Source: Saudi Press Agency

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