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Hyundai Heavy Industries Co. Vice President Chung Ki-Sun Takes Lead in Shipping Industry
Hyundai Inks Joint Venture with Saudi Aramco
By Park Soung-Jin
Staff Reporter & Editor
Hyundai Heavy Industries' Vice President Chung Ki-Sun (left) meets with Saudi Crown Prince Mohammed Bin Salman in Seoul on June 26 2019 for its joint business project with Saudi Aramco.

South Korea's largest shipping giant, Hyundai Heavy Industries Co., now joins forces with Saudi Aramco, the world's richest company, for a 20-billion US-dollar project to build offshore oil and gas producing facilities including a huge shipyard in the Middle Eastern country, the Korean company announced recently.

The Saudi Aramco, a Saudi Arabian multinational petroleum and natural gas company based in Dhahran, Saudi Arabia, is world's richest company with the market value of 2 trillion US dollars.

For the mammoth business project the South Korean shipyard company signed a memorandum of understanding (MOU) with the Saudi Arabian state-owned oil company at a forum held in Dammam, a major trade city in Eastern Province of the Middle East country on Feb. 24-25, 2020.

Under the business deal Hyundai Heavy Industries Co. became one of the 10 long-term agreement (LTA) contractors for "King Salman Global Maritime Industries Complex."

Upon completion in 2022 the complex will be the largest shipyard in the world.

Earlier on June 26 2019, Hyundai Heavy Industries' Vice President Chung Ki-Sun met with Saudi Crown Prince Mohammed Bin Salman when Salman visited Seoul.

The two leaders discussed ways of cooperation for the joint shipping industrial complex named IMI in the King Salman Shipbuilding Complex including a gigantic shipyard.

Chung Ki-Sun, 38, is the oldest son and heir apparent of Chung Mong-Joon, the largest share holder of the Hyundai Heavy Industries Co., the world's largest shipbuilding company.

The big deal project between Hyudai and Aramco is expected to boost the status of Hyundai Heavy Industries Co. both home and abroad even further.

Who Is Chung Ki-Sun?

Chung Ki-Sun, vice president of Hyundai Heavy Industries
Chung Ki-Sun is vice president of South Korea's shipping giant Hyundai Heavy Industries. He also holds many titles of its related companies.

Chung serves as president of both Hyundai Heavy Industries' Group Ship/Offshore Marketing Division and Hyundai Global Service. Chung is vice president of Hyundai Heavy Industries Holdings.

Chung was born in Seoul on May 3, 1982 as the oldest son of the famous business tycoon and celebrity politician Chung Mong-Jun, the largest shareholder of Hyundai Heavy Industries, the largest shipbuilder in South Korea.

After finishing Daeil Foreign language High School in Seoul Chung entered Yonsei University. He majored economics at Yonsei.After graduation Chung went on to Stanford University in the United States, winning his MBA degree from Stanford.

Chung started his social career with Hyundai Heavy Industries. However he had to work at the Korean branch of Boston Consulting Group after his study at Stanford. He had to reenter Hyundai Heavy Industries as a manager.

Soon, Chung was promoted to executive director. Then he took charge of Hyundai Global Service as its CEO.

This was the signal of within Hyundai Heavy Industries that the corporation was being rearranged by the owners getting in charge of the top management in 30 years.

Hyundai Heavy Industries has long been a leader of the Big Three shipping builders in South Korea along with Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries.

Now at the hem of Hyundai Global Service Chung is leading the whole group including Hyundai Heavy Industries.

As a young and ambitious CEO, he is trying his exert to expand and bolster the business activities of Hyundai Heavy Industries and its sister companies.

Although blue blood and high brow, Chung is known as a humble CEO who hobnobs well with ordinary people. He is also recognized to respect his elder colleagues.



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Park Soung-Jin serves as a staff reporter & editor of The Seoul Times. Park studied Chinese language at Hankuk University of Foreign Studies. He was a graduate of 43rd class ROTC (Reserve Officers' Training Corps). He finished his military service as the 1st lieutenant in the ROK Army.

 

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