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1st July 2019, Seoul

Saudi Aramco and Hyosung announce carbon cooperation

Hyosung Chairman Cho Hyun-Joon signed the MOU with Amin H. Nasser, President and CEO of Saudi Aramco in Seoul. © Business Wire

Hyosung Chairman Cho Hyun-Joon signed the MOU with Amin H. Nasser, President and CEO of Saudi Aramco in Seoul. © Business Wire

Hyosung has signed a memorandum of understanding (MOU) with Saudi Aramco in respect of new carbon fibre plants.

Under the MOU, Hyosung and Saudi Aramco will positively consider a plan to build carbon fibre plants in both Saudi Arabia and South Korea through cooperation in the development and application of carbon fibre production technology.

Hyosung has operated a carbon fibre plant with an annual output capacity of 2,000 tons in Jeonju, South Korea since 2013 and a second with the same capacity is under construction at the site.

In March, Hyosung signed a wide-ranging MOU with Saudi Aramco for cooperation in projects related to chemicals, advanced materials, and hydrogen. Saudi Aramco is considering new projects in the fields of automotive and new renewable energy and recognised the need to cooperate with Hyosung which had built up its own technology in advanced materials, including carbon fibres.

 “I look forward to seeing carbon fibre and other new businesses grow down the road through the combination of Saudi Aramco’s management know-how and Hyosung’s proprietary technology,” said Hyosung chairman Cho Hyun-Joon.

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