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Saudi Armaco Sets Up Subsidiary in Korea
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Saudi Aramco registered the establishment of its South Korean unit named "Aramco Asia Korea Ltd." and opened its office in downtown Seoul in May, the sources said, adding that the Korean subsidiary is likely to focus on the local market for renewable energy such as solar power and rechargeable batteries.
"The establishment of Saudi Armaco's unit in South Korea may be influenced by the South Korean company's high-end technologies in the renewable energy sector and the government's interest in the sector," a market watcher said.
Last year, Saudi Aramco became the second-largest holder of Hankook Silicon Co., a local polysilicon maker, buying a 33.4 percent stake. Polysilicon is a key component of solar panels and the majority of the world's supply is used for the production of solar power panels.
The Saudi Arabian refiner is the largest holder of S-Oil Corp., South Korea's third largest refiner, with a 35 percent stake.
Date
2012.09.26
Saudi Arabia's state-run oil firm Saudi Aramco has established a subsidiary in South Korea to tap into the local renewable energy market, industry sources said Wednesday.
Saudi Aramco registered the establishment of its South Korean unit named "Aramco Asia Korea Ltd." and opened its office in downtown Seoul in May, the sources said, adding that the Korean subsidiary is likely to focus on the local market for renewable energy such as solar power and rechargeable batteries.
"The establishment of Saudi Armaco's unit in South Korea may be influenced by the South Korean company's high-end technologies in the renewable energy sector and the government's interest in the sector," a market watcher said.
Last year, Saudi Aramco became the second-largest holder of Hankook Silicon Co., a local polysilicon maker, buying a 33.4 percent stake. Polysilicon is a key component of solar panels and the majority of the world's supply is used for the production of solar power panels.
The Saudi Arabian refiner is the largest holder of S-Oil Corp., South Korea's third largest refiner, with a 35 percent stake.
Saudi Armaco, the world's biggest oil company, has 260 billion barrels of oil
reserves, accounting for 25 percent of global oil reserves. The volume of gas
reserves held by the company ranks fourth worldwide.