Hyundai Engineering & Construction Company has been awarded a contract to build Saudi Arabia’s largest petrochemical complex, marking a promising revival of overseas contracts from the Middle East. The company announced on Saturday its agreement with Aramco, Saudi Arabia’s public petroleum and natural gas company, to construct an ethylene production facility and utility infrastructure as part of the $5 billion Amiral petrochemical complex. Located in Jubail, the Amiral project is the most significant of its kind in the country and represents the seventh-largest overseas project won by a Korean company.

The achievement resulted from an agreement reached at a bilateral summit between President Yoon Suk-yeol and Saudi Crown Prince Mohammed bin Salman in November last year. As a result of this new contract, Hyundai Engineering & Construction’s overseas construction orders exceeded the previous year’s total of $12 billion, reaching $13.7 billion in the first half of this year alone.