Hyundai Heavy heir to meet with Saudi Arabian energy minister

[THE INVESTOR] Hyundai Heavy Industries’ heir and executives are to discuss widening their business opportunities in Saudi Arabia on July 1 when they meet Aramco executives and Saudi Arabian Energy Minister Khalid Al-Falih.

Al-Falih, who was previously head of the Middle East country’s largest state-refiner, Aramco, will stop by South Korea later July 1 following a G20 energy ministers’ meeting in China.

The minister will be joined by Aramco executives who will meet with Hyundai Heavy chairman Choi Kil-sun, CEO Kwon Oh-gap and other executives.

Also attending the meeting will be Chung Ki-sun, senior vice president and grandson of Hyundai founder Chung Ju-young. The junior Chung is also the eldest son of Hyundai Heavy’s controlling shareholder Chung Mong-joon.

“Chung played a central role when we signed a strategic business partnership with Aramco in November 2015, so this is a follow-up to that,” said a Hyundai Heavy official.

At the time, the two sides had agreed to pursue joint projects in areas such as shipbuilding and engine and plant building.

The meeting comes at a time when Hyundai Heavy, along with its other industry rivals, are undergoing sweeping reforms to tackle declining profit margins and slumping demand

By Kim Ji-hyun (jemmie@heraldcorp.com)