Hyosung Group and Saudi Aramco plan to build carbon fiber plant
On June 25, South Korea Hyosung Group and Saudi Aramco signed a memorandum to cooperate with South Korea and Saudi Arabia to build a carbon fiber production plant.
The Hyosung Group officially entered the carbon fiber industry in 2011 and operates a carbon fiber plant with an annual capacity of 2,000 tons in the state of South Korea. In February 2019, the company invested in a new carbon fiber plant next to the original plant, with a production capacity of 2,000 tons. It is expected to be completed in 2020.
In March of the same year, Hyundai Group Chairman Cho Hyun-Joon signed a memorandum of cooperation with Saudi Aramco to develop cooperation on chemicals, advanced materials and hydrogen energy. According to the news released by Hyosung, Saudi Aramco will use the carbon fiber produced by Hyosung to carry out some automotive and new energy related projects.
“We hope to bring carbon fiber and other products to a wider application world by combining the technological advantages of both parties,” Hyun-Joon said.