Riyadh – Mubasher: Saudi Arabian Oil Company (Saudi Aramco) and Korea Shipbuilding and Offshore Engineering Company plan to launch a joint venture (JV) in March 2020, South Korea’s Yonhap News Agency reported.
Establishing the JV’s plant, specialized in building engines, in the King Salman International Complex for Maritime Industries and Services is set to take place in September 2020.
The project is set to be completed by May 2022.
The Korean company is working to build a shipyard at the complex through a separate JV with Saudi Aramco, UAE-based Lamprell and the Saudi National Shipping Company (Bahri). The International Maritime Industries Company is 30% complete.
Saudi Arabia and South Korea formed a Vision 2030 Joint Group in 2017 to enhance economic cooperation.
Aramco recently signed a number of agreements with Korean firms, including an agreement with Hyundai Heavy Industries (HHI) and the Saudi Arabian Industrial Investments Company (Dussur) to create a JV for a world-class engine manufacturing and aftersales facility.
HHI has been recently split into two with the newly established Korea Shipbuilding and Offshore Engineering Company.
