The government said on Sunday that Hyundai Engineering & Construction (E&C) has signed a five-billion-dollar contract with Saudi Arabian state oil producer Aramco to build a petrochemical complex in the Middle Eastern nation.

The Ministry of Land, Infrastructure and Transport said in a statement that Hyundai E&C and Aramco signed the contract on Saturday, under which Hyundai will build a petrochemical complex in Jubail, eastern Saudi Arabia.

The five-billion-dollar contract marks the largest deal that a South Korean company has won from Saudi Arabia.

South Korea has secured at least 13-point-seven-billion-dollars worth of orders for overseas construction projects in the first half of this year, already surpassing the figure for the whole of 2022.

Land Minister Won Hee-ryong, who attended the signing ceremony in Saudi Arabia, said the deal came after President Yoon Seok Yeol and Crown Prince Mohammed bin Salman agreed to develop bilateral relations into a future-oriented strategic partnership and to seek large-scale economic cooperation in the fields of energy and infrastructure in their summit last November.