EPC contractor Alfanar Construction has signed an agreement with Korea’s Daewoo Engineering and Construction, to explore opportunities for joint collaboration in the construction of oil & gas, and petrochemical projects across the Kingdom.

The agreement will see the companies work on transferring and localising expertise in the engineering construction field, and exchange the expertise of advanced technologies used in design, procurement, and project execution.

As a major Saudi company, Alfanar said that the agreement highlights its continuing commitment towards contributing towards the development of local content and achieving sustainability in the energy sector.

In late August 2022, Fluor led JV announces completion of clean fuels project in southern Kuwait, and in early February 2022, NMDC and Daewoo Engineering & Construction signed a MoU to grow regional business opportunities.

The agreement was signed by Alfanar Executive Vice President Amer Al Ajmi and Daewoo E&C Senior Vice President Sungmin Yang on the opening day (30 January) of iktva2023 Forum & Exhibition being held at Dhahran Expo Centre.

The In-Kingdom Total Value Add (IKTVA) programme will see participants visit designated exhibition pavilions for enablers, digital, sustainability, industrial and manufacturing, as well as investment workshops and various panel discussions.

The 2023 edition is being held under the theme ‘Accelerating Future Success’ which aims to strengthen companies’ readiness and resilience for tackling the upcoming calendar year by forging their collective localisation efforts in different focus areas, such as sustainability, digital, industrial, manufacturing.

In late October 2022, Alfanar bagged a $320mn solar power and infrastructure contract in Saudi Arabia.