South Korea’s Hyundai Engineering and Construction and Hyundai Engineering have signed a $2.4bn contract with Saudi Aramco to build a gas processing plant .

The deal was signed yesterday in the 23th of Nov in Riyadh at a ceremony to mark 50 years of construction cooperation between the two countries, with South Korean President Yoon Suk Yeol attending as part of his state visit to the kingdom.

Jafurah is Saudi’s largest unconventional non-oil associated gas field, with reserves estimated at 200 trillion cubic feet (5.7 trillion cubic metres) of raw gas. Aramco has said daily output could reach around 2 billion cubic feet by 2030.

Yoon and Saudi Crown Prince Mohammed bin Salman welcomed the agreement in a joint statement after talks, pledging further cooperation in construction and infrastructure, including on Saudi Arabia’s NEOM mega-city and Vision 2030 reform plans.