South Korea loans Saudi Aramco USD 6 bn for MENA development boom: Saudi energy giant Aramco finalized a USD 6 bn framework agreement with South Korea’s official export credit agency The Export-Import Bank of Korea to support development projects in MENA, South Korean news agency Yonhap reports. USD 1 bn of the financing will be earmarked for green hydrogen and renewables projects, the statement notes. The timeframe of Exim’s renewables-focused investment plan was not disclosed.

The details: The three-year finance package will see the South Korean lender provide loans totalling USD 6 bn to the energy giant in a bid to help secure contracts for South Korean companies involved in a range of projects in KSA and the wider MENA region, according to Yonhap.

South Korea has been on a KSA green hydrogen hunt: South Korea’s Kepco and four other firms headquartered in the country signed an agreement with Saudi Arabia’s Public Investment Fund (PIF) in November worth some USD 6.5 bn to build a hydrogen and ammonia plant. KSA’s Saudi Exim also signed in December an MoU to export green hydrogen and ammonia to the Korea Trade Ins. Corporation (K-Sure). Saudi Aramco and Sabic Agri-Nutrients shipped the world’s first commercial load containing 25k tons of blue ammonia to South Korea which arrived to Korean shores late in December.

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