Hyosung will strengthen its cooperation in the carbon fiber sector with Saudi Aramco, the world's largest comprehensive petrochemical company.
According to Hyosung on June 27, Chairman Cho Hyun-joon and Saudi Aramco CEO Amin Nasser signed a memorandum of understanding (MOU) at the Conrad Hotel in Yeouido, Seoul, to review the establishment of a carbon fiber plant.
Accordingly, Hyosung and Aramco will actively consider establishing and expanding carbon fiber plants in Saudi Arabia or Korea in the future.
They also agreed to strengthen bilateral cooperation in the chemical field such as polyketone and PPDH, which are high-tech new materials developed by Hyosung, and the electric power field such as ESS, transmission and distribution grids.
Chairman Cho also attended an official luncheon for Saudi Crown Prince Mohammad Bin Salman at Cheong Wa Dae on June 26 to discuss detailed cooperation with Saudi participants.
"We hope that Aramco's management know-how and Hyosung's independent technology will combine to grow new businesses including carbon fiber in the future," Cho said.
In March, Cho also signed a comprehensive MOU with Aramco for cooperation in chemical, high-tech materials and hydrogen-related businesses. Aramco is known to have decided that it needs to cooperate with Hyosung, which has secured its own technological prowess in carbon fiber and other high-tech materials while reviewing new businesses in the automobile and renewable energy sectors.
Hyosung became the first South Korean company to develop a carbon fiber independently in 2011. Since 2013, it has built and operated a carbon fiber plant with an annual capacity of 2,000 tons in Jeonju, North Jeolla Province, and has been adding an additional carbon fiber plant with an annual capacity of 2,000 tons on the site of its Jeonju plant since February.