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FINANCIAL NEWS
Saudi Aramco inks agreements to build Gulf’s biggest shipyard
01 Jun 2017
(MENAFN) Saudi Aramco aims to construct the Gulf’s largest shipyard amid a mutual venture with three firms, an USD5.2bn projects aimed to help reduce the economy’s dependence on oil.
Additionally, the firm inked a deal with Lamprell Plc, the National Shipping Co. of Saudi Arabia (Bahri) and Hyundai Heavy Industries to enter into a joint venture tie to establish the maritime yard.
Meanwhile, huge production is projected to start in 2019 with the yard reaching full capacity by 2022, which will be able to work on four offshore rigs and over 40 vessels.
Furthermore, the government will comprise almost USD3.5bn of the whole cost, with the remainder funded by the mutual venture, while Lamprell will invest up to USD140mn.
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MENAFN0106201700450000ID1095526659
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