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Korea Exim News

Korea Eximbank Signs US$ 6 Billion Framework Agreement with Aramco

Date 2023.04.13 View 9243

□The Export-Import Bank of Korea (, Chairman Yoon Hee-sung, “Korea Eximbank") announced it signed a US$ 6 billion Framework Agreement for three years with Aramco, Saudi Arabian energy corporation, on March 7. 


* Framework Agreement: An agreement between two parties intending to ly provide and secure financial support for individual transactions such as project orders and joint investment after fixing financial conditions in advance such as amount and procedures for financial support 


 ㅇ Korea Eximbank Chairman Yoon and Saudi Aramco CFO Ziyad Al-Murshed met at the bank’s headquarters in Yeouido to sign the agreement.



□ The purpose of the agreement with Aramco is to enhance Korean companies' competitiveness in receiving orders from the Middle East and to strengthen the stability of Korea's supply chain of essential resources such as crude oil.


 ㅇ It is also a follow-up measure to support the so-called "second Middle East boom" known as potential business opportunity in the Middle East, following the first one during the 1970s. The deal came after the visit of Saudi Crown Prince Bin Salman to Korea in November last year and President Yoon Suk-yeol’s visit to the UAE in January this year. 



□ Aramco is expected to significantly expand investments in the oil and gas sector on the back of rising oil prices and foster next-generation energy industries to achieve carbon neutrality, which would then lead to the surge of new project orders in Saudi Arabia.



□ As the two institutions signed a $6 billion Framework Agreement, it is expected that the effect of "financing prior to order placement" will greatly help Korean companies win orders from the Middle East.


 ㅇ In addition, Korea Eximbank’s financial support for Aramco’s facility investment, closely associated with Korea’s imports of crude oil and gas, is expected to contribute to securing a stable supply of essential resources in Korea. 


 ㅇ Currently, Korea imports 30% of its crude oil from Saudi Arabia, which ranks maintaining the first among all crude oil importers of Korea. Aramco is responsible for exclusive development of crude oil and gas projects in the country. 



□ Korea Eximbank Chairman Yoon said at the signing ceremony, "As Korea Eximbank established a prior  financing framework targeting Aramco, one of the largest energy companies in the Middle East, it would facilitate Korean companies’ winning of projects in the Middle East market." 


 ㅇ  He added, “As we have set aside $1 billion for hydrogen and renewable energy deals, we expect Korean companies to secure an upper hand in new markets in these sectors." 



□ Earlier in January last year, Korea Eximbank signed a $5 billion Framework Agreement with ADNOC, a state-run oil company of the UAE, as well. 


 ㅇ As such, over a year or so, Korea Eximbank has established a strong financial network involving large amounts of money with two leading state-run energy companies in the Middle East, ADNOC and Aramco. 



□ Meanwhile, Korea Eximbank plans to offer full support to the Korean government's policy goal of landing orders worth $50 billion in overseas construction projects and becoming one of the global top four countries in overseas construction by 2025.