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)
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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 (email@example.com)