Hyundai Engineering & Construction has signed an agreement with Saudi Arabia’s state oil company Aramco to build a $5 billion petrochemical plant in the east of the Middle Eastern country, the Korea’s Land Ministry said Sunday.

This is the largest order a domestic company has ever won from Saudi Arabia for plant construction and part of Amiral project, a future, world-scale petrochemical complex co-developed and operated by Aramco and France’s TotalEnergies.

It aims to establish a facility to manufacture basic petrochemical products, such as ethylene, in Saudi’s eastern provincial city of Jubail, according to the Ministry of Land, Infrastructure and Transport.

This raises Korea’s total overseas orders in the sector to more than $13.7 billion, surpassing last year’s entire order of $12 billion.

President Yoon Suk Yeol hailed the Amiral project, saying it will serve to lay the solid foundation for the co-prosperity of the two countries and improve their bilateral economic relationship, according to presidential spokesperson Lee Do-woon.

The presidential office said the project is an additional achievement from the 40 trillion won ($30 billion) worth of memorandums of understanding formed between Korea and Saudi Arabia last November.

Land Minister Won Hee-ryong attended the signing ceremony in Saudi Arabia on Saturday with Aramco President and CEO Amin H. Nasser and TotalEnergies Chairman and CEO Patrick Pouyanné, vowing to spare no efforts in giving support for large infrastructure projects in the Middle East.