Requests Support for Cable Plant Construction
Taihan Cable and Solution announced on Oct. 17 that it discussed business cooperation with Saudi Arabia’s Aramco, the world’s largest oil company, at Hoban Park in Seocho-gu of Seoul on Oct. 14.
The meeting was attended by about 20 key officials from the two sides, including Ahmad A. Al-Saadi, senior vice president of Aramco, Mutib A. Al-Harbi, CEO of Aramco Korea, Kim Seon-kyu, chairman of Hoban Group, and Na Hyung-gyun, president of Taihan Cable and Solution.
The two sides agreed to strengthen their business cooperation relationship. Taihan Cable and Solution requested extensive support for its plan to set up a high-voltage cable production plant in Saudi Arabia, and suggested that Taihan Cable and Solution and Aramco create business opportunities in various fields, including electric power and infrastructure. Aramco expressed its gratitude for the Korean cable maker’s interest and investment in Saudi Arabia and said that Aramco will actively cooperate on business development plans for the two companies.
Previously, Taihan Cable and Solution signed a contract with Al Ojaimi Group, a Saudi Arabian EPC company, in June to establish a joint venture for production of extra-high voltage cables, and is promoting the construction of a local plant. This is the first large-scale investment promoted by Taihan Cable and Solution in Saudi Arabia since the establishment of Saudi Arabia’s first high-voltage power equipment production corporation in 2017.