S.Korea's Hoban Group signs agreement with Aramco for cooperation

Hoban Group, South Korea's construction, property development, and manufacturing conglomerate, said Monday that it has signed a memorandum of understanding with Saudi Arabia's Aramco, the world's largest energy company, for mutual cooperation.

The two companies agreed to work together and support each other for Hoban Group's business in Saudi Arabia in the fields of construction and manufacturing.

Hoban Construction and Hoban E&C, construction arms of the group, have agreed to work on the kingdom's infrastructure and underground utility projects.

In addition, Hoban Group's Taihan Cable & Solution Co. plans to additionally invest in manufacturing facilities in the area of power and equipment, such as ultra-high-voltage cables, in Saudi Arabia.

"Taihan C&S has supplied cables throughout the Middle East for more than 50 years and has many networks. With the latest agreement, we will seek business opportunities in a variety of business areas such as the country's infrastructure and underground utilities," said an official of Hoban Group.

Write to Hyun-Il Lee at hiuneal@hankyung.com