GS Group said Thursday it had signed a memorandum on energy and investments with Saudi Arabia’s state-run oil company Saudi Aramco on Tuesday at Conrad Hotel in Seoul.

The ceremony was attended by GS Group Vice Chairman Jung Taek-geun and Saudi Aramco President Amin H. Nasser, as well as executives of GS Engineering & Construction and GS Caltex. 

Based on the agreement, the two companies will seek new business opportunities in areas such as oil and petrochemicals as well as construction and trade, GS group said.

GS Group has long cooperated with Saudi Arabia in various fields of businesses. GS Caltex, the oil refiner owned by GS Holdings, first started importing crude oil from Saudi Arabia in 1969.

GS E&C has also participated in various engineering procurement construction businesses with Saudi companies, in which GS E&C provided design, materials procurement and construction services to Saudi construction projects.

According to GS Group, the company expects more synergy between Saudi Aramco and GS Group affiliates in the future as it continues close cooperation with the nation.

By Cho Hyee-su (chohyeesu@heraldcorp.com)