Oil giant Saudi Aramco has awarded a contract, worth $2.4bn (SR9bn), to affiliates of Hyundai Motor Group to build a gas processing plant, reported Reuters, citing South Korea’s presidential office.

The contract has been signed with Hyundai affiliates – Hyundai Engineering & Construction, and Hyundai Engineering.

Hyundai reportedly stated that the contract marks the second phase of the Aramco’s Jafurah gas processing facilities project.

The two builders have also been working on Phase I the Jafurah gas processing facilities project after securing the order in 2021.

The new gas plant is planned to be built in the Jafurah gas field, which is claimed to be Middle East’s largest liquid-rich shale gas play, reported Yonhap News Agency.

According to Aramco, the field is estimated to contain 200 trillion standard cubic feet of natural gas.

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By GlobalData

The Saudi Arabian oil giant plans to increase the field daily production capacity to around two billion cubic feet by 2030.

In 2022, Bloomberg News reported that Saudi Aramco was in initial talks with potential equity investors for its $110bn Jafurah gas project.

The Jafurah field is expected to contribute to the country’s plan of diversifying its energy exports.

In a separate announcement, Aramco has signed oil storage agreement with state-run Korea National Oil Corp (KNOC), reported Reuters.

Under the agreement, KNOC agreed to store 5.3 million barrels of oil as reserves in South Korea’s southeastern port city of Ulsan.

South Korean President Yoon Suk Yeol’s office stated that the country also holds the right to preferentially purchase the stored oil in the event of emergency.