[THE INVESTOR]
Hyundai Heavy Industries’ heir and executives are to discuss widening their business opportunities in Saudi Arabia on July 1 when they meet Aramco executives and Saudi Arabian Energy Minister Khalid Al-Falih.
Al-Falih, who was previously head of the Middle East country’s largest state-refiner, Aramco, will stop by South Korea later July 1 following a G20 energy ministers’ meeting in China.
The minister will be joined by Aramco executives who will meet with Hyundai Heavy chairman Choi Kil-sun, CEO Kwon Oh-gap and other executives.
Also attending the meeting will be Chung Ki-sun, senior vice president and grandson of Hyundai founder Chung Ju-young. The junior Chung is also the eldest son of Hyundai Heavy’s controlling shareholder
Chung Mong-joon.
Hyundai Heavy senior v.p. Chung Ki-sun (center) and chairman Choi Kil-sun / Hyundai Heavy
“Chung played a central role when we signed a strategic business partnership with Aramco in November 2015, so this is a follow-up to that,” said a Hyundai Heavy official.
At the time, the two sides had agreed to pursue joint projects in areas such as shipbuilding and engine and plant building.
The meeting comes at a time when Hyundai Heavy, along with its other industry rivals, are undergoing sweeping reforms to tackle declining profit margins and slumping demand
By Kim Ji-hyun (
jemmie@heraldcorp.com)