Hyosung, Saudi Aramco to construct carbon fiber plant
The companies plan to use Hyosung’s carbon fiber for Saudi Aramco’s automotive and renewable energy projects.
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Leaders from Hyosung Corp. (Seoul, South Korea) and Saudi Aramco (Dhahran, Saudi Arabia) signed a memorandum of understanding (MOU) on June 25 for the building of a joint carbon fiber plant.
Under the MOU, the companies will consider a plan to build carbon fiber plants in Saudi Arabia and South Korea through cooperation in the development and application of carbon fiber production technology.
Hyosung developed its carbon fiber in 2011, and since 2013 has operated a carbon fiber plant in Jeonju with the annual output capacity of 2,000 tons in Jeonju. The company started construction in February 2019 on another carbon fiber plant with the same capacity on the Jeonju property.
In March, Cho Hyun-Joon, Hyosung chairman, signed a more general MOU with Saudi Aramco for collaboration on projects related to chemicals, advanced materials and hydrogen. According to Hyosung, Saudi Aramco plans to use Hyosung’s carbon fiber for projects related to the automotive industry and renewable energy.
“I look forward to seeing carbon fiber and other new businesses grow down the road through the combination of Saudi Aramco’s management know-how and Hyosung’s proprietary technology,” says Hyun-Joon.
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