□ On April 26, Korea Eximbank (www.koreaexim.go.kr, Chairman Yong Hwan Kim) signed an MOU with Saudi ARAMCO (President & CEO Al-Falih), the world’s largest oil company, at Seoul Banyan Tree Hotel to financially support ARAMCO projects as well as strengthen partnerships between the two institutions.

※ Saudi ARAMCO (Saudi Arabian Oil Company) is the world’s largest oil company with 1/4 of global oil reserves (260 billion barrels) and 12% of global oil production (annually 3.4 billion barrels). It is the biggest oil supplier to Korea and accounts for 32% of total oil imports in 2010.

□ The key points of the MOU include increased export finance support such as loans and guarantees for greater participation of Korean companies in various ARAMCO projects such as oil and gas development.

ㅇ Saudi ARAMCO plans to invest USD 125 billion by 2015. By supplementing the price competitiveness and high quality of services from Korean companies with the financial support under the MOU from Korea Eximbank, Korean companies are anticipated to secure many large-scale contracts from ARAMCO.

□ Chairman Yong Hwan Kim stated, “Despite the Jasmine Revolution in North Africa, major oil producing countries, including Saudi Arabia, are announcing large-scale investment plans, and this offers Korean companies new opportunities to win more contracts. Korea Eximbank will utilize its partnership with ARAMCO to actively support domestic companies win large-scale plant projects.”

□ An official from ARAMCO added, “With the recent trend of projects becoming large-scale and the weak financial market, competitive export financing has become an important factor in awarding a company a contract. If the active financing efforts of Korea Eximbank ease finance-related difficulties, Korean companies will win more contracts.”

□ Korea Eximbank established a partnership with ARAMCO in 2009 by financing USD 650 million for the Jubail oil refining project through loans and guarantees. The Bank plans to actively support Korean companies win contracts for Jubail petrochemical projects through various financing tools.