S&TC, a company that produces heat exchangers and waste heat recovery devices, has signed a memorandum of understanding (MOU) with Saudi Aramco, the world's largest oil company, to establish a cooperative system between the two companies.
S&TC said it signed an MOU with Saudi Aramco for exports and investment at the IKTVA (In Kingdom Total Value Add) forum held in Dharan, Saudi Arabia on Feb. 25.
The MOU signing was attended by S&TC CEO Shin Kyung-in and Aramco Vice President Mohammed Al Shammari.
Aramco is the world's largest oil company and manages more than 100 oil and natural gas fields in Saudi Arabia, with total assets reaching $30 trillion, and its market capitalization is also the world's largest company.
Through the MOU, the two companies agreed to cooperate to export S&TC's high-tech products, including air cooler, condensers, HRSG and environmental facilities, to Saudi Arabia as well as Middle Eastern countries, Europe and Africa.
In particular, the two companies agreed to form a working-level consultative body to carry out ongoing consultations to realize the MOU.
"We expect the signing of the MOU will provide an opportunity to expand exports of air-cooled heat exchangers, environmental facilities, and multiple machines to the global market, and will bring about economic effects of win-win, which will also contribute to Saudi Arabia's job creation and economic development," an S&TC official said.