LG Chem and Alkhorayef, a major Saudi conglomerate, have formed a partnership for the development of a seawater desalination project.

Quick Summary:

LG Chem Ltd.on Wednesday signed an agreement with Saudi Arabia’s Alkhorayef Group to build a water treatment filter plant in the Middle Eastern country and to jointly invest up to 320 million riyal ($85.3 million) in the facility.

The RO membrane facility to be constructured is expected to serve as LG's foothold to expand its water treatment business in Saudi Arabia, a fast-growing water desalination market and explore new business opportunities in the Middle East in collaboration with Alkhorayef Group.

The collaboration between LG Chem and Alkhorayef Group is expected to help the Kingdom secure water on a stable basis and achieve its “Vision 2030” goals, under which the $1.5 trillion Neom megaproject, a desert development, is the centerpiece.

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Article Details

Category: Economy

Markets: South KoreaIsraelSaudi Arabia

Topics: Invest Build Plant Saudi Middle Membranes Treatment Chem Water Group Alkhorayef

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-05-01 @ 17:02:29 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 369 words

Reading Time: 3 minutes read

Sentences: 19 lines

Sentence Length: 20 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Korea Economic Daily

News ID: 20846498

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