Saudi Arabia, South Korea to boost ties on energy, defense; deals worth $30bn signed

News Network
November 18, 2022

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Seoul, Nov 18: South Korean and Saudi Arabian leaders pledged stronger ties in the fields of energy, defense industry and building projects, as the Kingdom signed investment agreements worth $30 billion with South Korean companies, according to Reuters.

South Korean President Yoon Suk-yeol told Saudi Arabia’s Crown Prince Mohammed bin Salman he hoped the two nations can expand cooperation, calling the Kingdom a key partner for its economy and energy security.

Yoon held talks in Seoul with Prince Mohammed, who arrived on Thursday from Bali, Indonesia, where he had participated in a conference of the Group of 20 major economies.

Yoon hoped to see South Korean companies’ participation in projects such as the NEOM smart city project in Saudi Arabia and further cooperation in defense industry and future energy such as hydrogen, his office said in a statement.

Prince Mohammed noted the role of South Korean businesses over the years in the development of Saudi Arabia’s national infrastructure and wanted to see stronger cooperation with South Korea based on the trust built between the two countries.

“In particular, he said he would like to drastically strengthen cooperation with South Korea in the areas of defense industry, infrastructure and construction,” Yoon’s office said. 

The Saudi-Korean Joint Committee and the Saudi-Korean Vision 2030 includes as many as 40 projects and initiatives across the targeted sectors, according to an economic report issued by the Federation of Saudi Chambers.

The report also indicated steady growth in the volume of trade exchange between both countries which amounted to SR470 billion ($12.5 billion) over the past five years.

In 2021 alone, the volume of trade exchange hit SR100 billion, SR87 billion of which were exports to Korea and SR13 billion were Korean imports to the Kingdom.

Earlier, South Korea’s industry ministry said companies including Samsung C&T Corp. and POSCO Holdings Inc. had signed over 20 agreements with Saudi counterparts in fields such as energy cooperation, railways, chemicals, pharmaceuticals and gaming.

Saudi-based Asharq TV quoted the Kingdom’s investment minister as saying deals signed on Thursday were worth $30 billion. It also quoted the Saudi Venture Capital Company as saying it had agreed to establish seven specialized funds.

Among the agreements, Korea Electric Power Corp. and four other Korean firms signed a memorandum of understanding with Saudi Arabia’s Public Investment Fund to build and operate a hydrogen and ammonia production plant in the Kingdom, the company said.

The project will be worth about $6.5 billion, said a source with knowledge of the deal, who was not authorized to speak with media on the matter and declined to be named.

The plant is expected to produce 1.2 million tons of green hydrogen and ammonia annually, KEPCO said. It is to be built over 2025-2029 and operate for 20 years, the Yonhap news agency reported on Thursday, citing industry sources.

Another pact is Hyundai Rotem Co’s memorandum of understanding with Saudi Arabia to cooperate on a railway project for the Middle Eastern country’s $500 billion NEOM economic zone and smart city, the ministry said. It did not disclose the potential dollar amount of this agreement.

“The (South Korean) government will actively support the successful implementation of cooperative projects which apply Korea’s state-of-the-art architecture ... in NEOM,” said South Korea’s trade minister, Lee Chang-yang.

Hyundai Rotem shares rose 8.5 percent, versus a 1.1 percent drop in the wider market. Shares in Lotte Fine Chemical, which signed an agreement for chemical industry cooperation with the Saudi Ministry of Investment, rose 2.1 percent.

Also, S-Oil Corp, whose largest shareholder is Saudi Aramco, said it plans to invest a total of 9.3 trillion won ($7.0 billion) into its Ulsan factory to produce more high-value petrochemical products. 

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News Network
December 16,2024

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The Israeli regime sustains its heavy attacks against various areas across Syria as Western-backed militants, who ousted the country’s government earlier this month, strengthen their foothold.

On Monday, the regime’s warplanes struck vital facilities and military infrastructure along the country’s western coastline, including the cities of Tartus and Latakia, where they pounded missile bases and ammunition depots.

Massive explosions rang out across the cities during the attacks.

Lebanon’s al-Mayadeen television network said Israeli occupation forces had also advanced as far as 15 kilometers (9 miles) in the western Syrian province of Quneitra.

'An earthquake'

Russia’s Sputnik news agency also reported Israeli assaults against military facilities in Hama and Homs, two other western provinces, adding that attacks against Hama and Aleppo, which is likewise situated in western Syria, shook the targeted areas like an “earthquake.”

Local sources, meanwhile, reported that the regime’s warplanes had also hit the Military Airport in the eastern province of Deir al-Zawr.

The agency cited sources as saying that Israeli warships had launched a number of missiles towards the Syrian coast, especially targeting the Tartus Province.

According to them, this was the first time that the Israeli military was deploying “such missiles” against Syria’s military sites.

The reports came a day after the regime attacked the positions that used to belong to the country’s Republican Guard and the Syrian military’s Fourth Armored Division in the Tal Mneen area and the town of Hafir, north of the capital Damascus.

Also on Sunday, Israeli forces occupied three new villages across the country, namely the Jamla village in the western Syrian province of Dara’a as well as the Mazraat Beit Jan and Mughr al-Mir رillages in Rif Dimashq Province.

Israeli aircraft also bombed an air defense site in the town of Muhajja in the eastern countryside of Dara’a’s capital and attacked the warehouses of the Syrian military’s 18th Armored Division in the eastern suburbs of Homs.

The regime has markedly intensified its deadly attacks against the country, especially targeting its military infrastructure, in the aftermath of its takeover by anti-Damascus militants, who are widely reported to have been receiving extensive military support and cooperation on the part of the Israeli regime and the West.

As part of its aggression, the regime has expanded its occupation of Syria’s Golan Heights, overrunning a buffer zone in the territory, and announced plans to ramp up the population of illegal settlers in the mountainous region.

Regional Arab states, including Saudi Arabia, Qatar, the United Arab Emirates, Egypt, and Iraq, have lashed out at Tel Aviv over the measures.

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News Network
December 12,2024

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Angry BJP lawmakers stormed Assembly Speaker U T Khader’s chambers at the Suvarna Vidhana Soudha, escalating tensions after the ruling Congress turned the tables on the saffron party over the Panchamasali Lingayat community’s reservation issue.

The friction began when Congress MLA Vijayanand Kashappanavar, a Panchamasali Lingayat, was allowed to criticise the Basavaraj Bommai-led BJP government’s controversial decision to scrap the 4 per cent Muslim quota, reallocating it equally to Lingayats and Vokkaligas. Kashappanavar slammed the BJP’s move, accusing it of being a mere election gimmick.

“The previous BJP government created two new reservation categories, 2C for Vokkaligas and 2D for Lingayats, just before the 2023 Assembly elections,” Kashappanavar said. “When challenged in the Supreme Court, the BJP government admitted it would not implement the decision. They announced it for votes but backtracked in court, misleading Panchamasali seer Basava Jaya Mrityunjaya Swami.”

Adding fuel to the fire, Kashappanavar alleged that RSS members had incited violence during a protest for enhanced Panchamasali Lingayat reservation. This claim enraged BJP lawmakers, who demanded the comment be expunged. However, Speaker Khader permitted Revenue Minister Krishna Byre Gowda to read aloud the BJP government’s affidavit to the Supreme Court.

“If the Panchamasali Lingayat community has faced injustice, it is because of the BJP,” Gowda declared, sparking further protests from the opposition. BJP leaders accused Khader of being “one-sided” and disregarding a point of order raised by BJP MLA V Sunil Kumar.

When Khader adjourned the session for lunch, the confrontation boiled over. Opposition Leader R Ashoka, BJP state president B Y Vijayendra, MLAs Dr C N Ashwath Narayan, Sunil Kumar, and others barged into Khader’s chambers. Chaos ensued as shouting and hollering echoed through the halls, prompting marshalls to intervene.

“The Speaker was warned that if he continued behaving this way, we would boycott the session,” Narayan stated afterward.

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News Network
December 17,2024

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Prime Minister Narendra Modi Tuesday condoled the death of environmentalist Tulsi Gowda and said she will remain a guiding light for environmental conservation.

In a post on X, he said, "Deeply saddened by the passing of Tulsi Gowda Ji, a revered environmentalist from Karnataka and Padma Awardee. She dedicated her life to nurturing nature, planting thousands of saplings, and conserving our environment."

"She will remain a guiding light for environmental conservation. Her work will continue to inspire generations to protect our planet. Condolences to her family and admirers. Om Shanti," he added.

Tulsi Gowda, the renowned environmentalist and Padma Shri awardee known as the "Vruksha Maate" (Mother of Trees), passed away on Monday at her residence in Karnataka’s Honnali village, Ankola Taluk, Uttara Kannada district. She was 86 and had been suffering from age-related ailments.

Hailing from the Halakki tribal community, Tulsi Gowda dedicated over six decades of her life to environmental conservation, planting and nurturing thousands of trees in Ankola and its surroundings.

Her unparalleled knowledge of plants earned her the title "Encyclopaedia of Plants." She was credited with growing lakhs of saplings and was celebrated for her unique approach to nurturing them, ensuring their survival and growth.

Born in 1944 to a tribal family, Tulsi Gowda developed a deep connection with nature at a young age. She began working at a forest department nursery as a daily wage worker and eventually became a symbol of afforestation.

In 2021, Tulsi Gowda was honored with the prestigious Padma Shri, one of India’s highest civilian awards, in recognition of her immense contributions to afforestation and environmental conservation.

She received the award from former President Ram Nath Kovind, a moment that brought her years of silent work into the national spotlight. Additionally, Dharwad Agricultural University conferred upon her an honorary doctorate for her knowledge and contributions to the environment. She also received the Indira Priyadarshini Vriksha Mitra award and numerous other accolades throughout her lifetime.

 

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