South Korean textile and chemical giant Hyosung Group and Saudi Arabian oil company Saudi Aramco signed a memorandum of understanding that includes potential partnership to build a carbon fiber factory, the Korean company said June 27.
Hyosung Chairman Cho Hyun-joon met with Saudi Aramco CEO Amin H. Nasser in Seoul to sign the memorandum on joining forces in development and production technologies for carbon fiber, a high-tech material widely used across industries, and a potential factory either in South Korea or Saudi Arabia.
Hyosung Chairman Cho Hyun-joon and Saudi Aramco CEO Amin H. Nasser sign a memorandum of understanding to collaborate on carbon fiber development on June 25. (Hyosung)
Hyosung continues global expansion at Intertextile Shanghai 2018
Hyosung chairman confirms solid ties with China’s Zhejiang province
Hyosung and Armco will also strengthen ties in various areas, including chemicals -- such as Polyketone, an advanced new material developed by Hyosung -- electric supply and the service sector.
Hyosung has operated a carbon fiber facility with production capability of 2,000 tons a year in Jeonju, North Jeolla Province, since 2013. It is adding another 2,000-tons-a-year factory to the Jeonju field.
The strongest carbon fibers are 10 times stronger than steel and eight times that of aluminum but weigh only one-fourth. The material is also the core of hydrogen fuel tanks.
The new memorandum represents ongoing partnership between the two, said the company. In March, Hyosung and Aramco signed a memorandum to cooperate in the chemical, new material and hydro businesses.
“I hope by joining forces, with Aramco’s management know-how and Hyosung’s unique technology, new future business, such as carbon fiber, could leap forward,” Cho said.
By Park Ga-young (firstname.lastname@example.org)