Roydad Naft News Agency – South Korea’s government on Sunday said Hyundai Engineering & Construction has signed a contract worth $5 billion with Saudi Arabian state oil producer Aramco to build a petrochemicals complex in the Middle Eastern nation.

Land minister Won Hee-ryong, who attended a signing ceremony in Saudi Arabia, said the deal would expand energy cooperation between the two countries, the Ministry of Land, Infrastructure and Transport said in a statement.