Riyad Bank signed cooperation and financing agreements with the Korea Electric Power Company and the Korean EXIM Bank, these agreements aim to cooperate in projects and sectors of hydrogen, green ammonia, renewable and conventional energy production, energy transmission and distribution, in addition to developing Al-Jafurah gas field in the eastern province.
The agreement was signed by Chief Corporate Banking Officer MR. Mohammed Abo Al-Naja, and the Executive Vice President of the Korea Electric Power Company "KEPCO" Mr. Hyun Shan Lee, and the General Manager of the Korea EXIM Bank MR. Shim Ji Sun.
Al-Jafurah gas field development project consists of building, owning, operating and transferring a power plant with a total capacity of 320 million watts. The total value of the project is approximately 2 billion riyals. Al-Jafurah gas project aims to be the largest non-associated gas field in the Kingdom of Saudi Arabia, and to provide natural gas for domestic power generation, as well as provide raw materials for the production of petrochemicals and blue hydrogen as part of the Saudi Vision 2030 economic strategy to diversify away from oil. It is estimated that Al-Jafurah gas field contains nearly 200 trillion cubic feet of wet gas resources, the gas field is 170 kilometers long and 100 kilometers wide. The field is located southeast of Al-Ghawar oil field in the eastern province of Saudi Arabia, it is the largest conventional onshore oil field in the world.
Riyad Bank considered as one of the largest supporters of Saudi Vision 2030 and its programs through developing and innovating many diverse initiatives that are specifically designed to support business enablers for activities related to the targeted sectors, business facilities, and providers of support and logistical services, In addition to motivating local and international investments through the Riyad Bank branches that are located in strategic places inside and outside the Kingdom, such as the London, Houston, and Singapore branches, these branches are managed by highly qualified professionals.