SEOUL, May 1 (Yonhap) -- LG Chem Ltd., South Korea''s leading chemical company, said Wednesday it will build its first overseas water-desalination device plant in Saudi Arabia by 2026 under a joint project with a local company.
LG Chem has partnered with Alkhorayef Group, a leading Saudi Arabian conglomerate specializing in water, energy and agriculture sectors, to invest 120 billion won (US$86 million) in a reverse osmosis (RO) membrane plant in Saudi Arabia, the company said in a statement.
"This strategic investment opportunity aligns with the goals of Saudi Vision 2030. The partnership aspires to contribute to the localization of strategic industries, in addition to the non-oil sector GDP," the Saudi firm''s Chief Executive Mohammed Alkhorayef said in the statement.
The two companies aim to commence the production facility in 2026 to meet an increasing local demand for RO membrane, the device for desalinating water in the Middle East region, it said.
Under the partnership, they plan to cooperate in sales and marketing activities for RO membranes, as well as exploring new business opportunities within the related water treatment industry.
"Together with Alkhorayef Group, we not only seek to meet the demands to localize RO membranes, but also look forward to delivering innovative solutions to contribute to development of the water industry in the region," LG Chem Vice President Hyung Hoon said.
LG Chem''s RO membranes tout 99.89 percent removal of salts, utilizing the company''s unique thin film nanocomposite technology.
Saudi Arabia is the world''s biggest buyer of RO membranes, accounting for 21 percent of the global demand for the device. The country heavily relies on water desalination for more than 70 percent of its water supply.
A stable supply of water and RO membranes is important for the Vision 2030 that includes the futuristic NEOM desert city project.
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Press release submitted on behalf of LG Chem and Alkhorayef Group.LG Chem, Seoul, South Korea, and Alkhorayef Group, Riyadh, Saudi Arabia, agreed to form a partnership to bring advanced water solutions to the Kingdom of Saudi Arabia (KSA). LG Chem is a leading global chemical company with a diversified business portfolio in the key areas of petrochemicals, advanced materials including water solutions and life sciences. Alkhorayef Group is a a leading industrial conglomerate specializing in water, energy, and agriculture sectors.
"We at Alkhorayef Group are thrilled to announce our partnership with LG Chem, a leading water desalination technology provider, to establish a Reverse Osmosis membrane manufacturing facility. This strategic investment opportunity aligns with the goals of Saudi Vision 2030. The partnership aspires to contribute to the localization of strategic industries, in addition to the non-oil sector GDP. We believe that our long market standing and ability to build relationships and alliances will be of great advantage for this partnership. We look forward to embarking on this new horizon with LG Chem and working together towards a brighter future for the Kingdom''s water sector", said Mohammed Alkhorayef, Group CEO at Alkhorayef Group.
"We are excited about the potential this collaboration holds for creating a positive impact to achieve Vision 2030 in the Kingdom of Saudi Arabia. This partnership symbolizes the fusion of two rich cultures, two distinct expertise, and two shared visions for the future. Together with Alkhorayef Group, we not only seek to meet the demands to localize RO membranes, but also look forward to delivering innovative solutions to contribute development of water industry in the region, for the future of the Kingdom of Saudi Arabia." stated Dr. Hoon Hyung, Vice president at LG Chem.
Alkhorayef and LG Chem are confident that this strategic partnership will play a pivotal role in advancing technological solutions for water treatment and contribute to the overall development of the region.
LG Chem, a leading global chemical company headquartered in South Korea with a diversified business portfolio in the key areas of petrochemicals, advanced materials including water solutions, and life sciences, and Alkhorayef Group, a leading Saudi Arabian industrial conglomerate specializing in water, energy, and agriculture sectors, agreed to form a partnership to bring advanced water solutions to the Kingdom of Saudi Arabia (KSA).
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