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| Hyosung Chairman Cho Hyun-joon, left, and Saudi Aramco CEO Amin Nasser pose after signing an MOU over the two companies' cooperation in carbon fibers, advanced engineering materials and electricity during a ceremony at the Conrad Hotel on Yeouido, Seoul, Tuesday. Courtesy of Hyosung |
By Nam Hyun-woo
Hyosung will team up with Saudi Aramco to expand its carbon fiber business, including the construction of new plants, the Korean firm said Thursday.
Hyosung Group said Thursday its Chairman Cho Hyun-joon and Saudi Aramco CEO Amin Nasser signed an MOU at the Conrad Hotel on Yeouido, Seoul, Tuesday, over their collective efforts to build carbon fiber plants.
Also included in the MOU are the two companies' cooperation over advanced materials including polyketone, a plastic material developed by Hyosung, and electricity infrastructure such as energy storage systems and grids.
Polyketones are high-performance thermoplastic polymers, which can be applied to auto parts, electronic components and packaging materials. Hyosung is commercializing the plastic material as a brand called Poketone.
The MOU came amid Saudi Arabian Crown Prince Mohammed bin Salman's visit to Korea on Wednesday. Cho attended an official lunch for the prince, held by President Moon Jae-in at Cheong Wa Dae, and discussed Hyosung and Aramco's partnership with Saudi Arabian officials.
Hyosung said the MOU came after Aramco praised Hyosung's technology in producing carbon fiber.
In 2011, Hyosung became the first Korean company to develop carbon fiber materials by its own technology.
Since 2013 the company has been running a carbon fiber plant in Jeonju, North Jeolla Province, which can produce up to 2,000 tons of carbon fiber a year, and began construction for additional facilities at the plant in February to raise the plant's yearly output to 4,000 tons.
Carbon fiber weighs approximately one-fourth the weight of steel but is 10 times stronger. Due to its strength, it is regarded as a key material for building hydrogen tanks which have to endure high pressure.
This is not the first time Hyosung has forged ties with Aramco, which is seeking to expand its portfolio from refining to renewable energies, including hydrogen.
In March, Cho signed a separate MOU with Aramco over chemicals, textiles and hydrogen.
At the time, Aramco Senior Vice President Ahmad Al-Sa'adi and a large number of senior officials of the Saudi Arabian company visited Hyosung's Jeonju plant and inspected the facilities.
"Aramco's expertise in management and Hyosung's exclusive technologies will boost the two companies' businesses including carbon fiber and other future technologies," Cho said in a statement.
Hyosung has been expediting its overseas expansion in recent months.
Earlier this month, Cho met Vietnam's Deputy Prime Minister Vuong Dinh Hue during the latter's visit to Seoul. During their meeting, Hue pledged full support for the construction of Hyosung's polypropylene plant in the southeast region of Ba Ria Vung Tau and a tire cord plant in Quang Nam province in central Vietnam.
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