THE INVESTOR

메뉴열기
March 29, 2024

Eximbank inks deals with Middle Eastern oil firms for $11b in loans

PUBLISHED : January 21, 2022 - 11:34

UPDATED : January 21, 2022 - 11:34

  • 본문폰트 작게
  • 본문폰트 크게
  • 페이스북
  • sms

Eximbank chief executive Bang Moon-kyu (left) and Saudi Aramco’s chief financial officer Ziad Al-Murshed pose after signing a framework agreement for $6 billion in credit at a Korea-Saudi business forum held in Riyadh on Tuesday. (Eximbank)

The Export-Import Bank of Korea said has it inked framework agreements with two Middle Eastern state-run oil companies to provide a total of $11 billion in loans to Korean companies if they win orders from the energy giants.

Eximbank chief executive Bang Moon-kyu signed a framework agreement for $6 billion in credit with Saudi Aramco’s chief financial officer Ziad Al-Murshed on Tuesday, with President Moon Jae-in present, on the sidelines of a Korea-Saudi business forum held in Riyadh.

Earlier on Sunday, Bang signed a deal for $5 billion in credit with Sultan Al Jaber, chief executive of the Abu Dhabi National Oil Company, a state-run oil company of the United Arab Emirates, with President Moon and UAE Prime Minister Mohammed Al Maktoum present, in Abu Dhabi.

Bang also met with Yasir Al-Rumayyan, governor of the Public Investment Fund, the sovereign wealth fund of Saudi Arabia, and chairman of Saudi Aramco, on Tuesday and discussed ways to cooperate for investment in Saudi’s new infrastructure such as the Neom smart city and renewable energy, Eximbank said.

“With the framework agreements, Korean companies are expected to have much higher chances of winning large-scale energy projects in the Middle East,” Bang said after signing the deals.

“As the deals include preferences for hydrogen and renewable energy projects, we expect new opportunities in these fields as well.”

 By Kim So-hyun (sophie@heraldcorp.com)

  • 페이스북
  • sms
최상단으로
COPYRIGHT HERALD CORPORATION. ALL RIGHTS RESERVED.