Saudi Aramco has signed a memorandum of understanding (MoU) with Korea Electric Power Corporation (KEPCO) worth KRW 400 trillion ($338mn) covering electricity projects in the Kingdom of Saudi Arabia.
Under the agreement, the two companies will cooperate in four sectors: smart grid systems, aging power plant performance improvement, clean energy generation and energy efficiency improvement R&D.
The MoU signing, on Monday, was attended by KEPCO president Cho Hwan-Ik and Aramco’s president Amin H. Nasser, according to reports in South Korean media.
KEPCO is the company in charge of building the UAE’s four reactor nuclear power plant in Barakah, Abu Dhabi.