Saudi Aramco eyes JV yard with Hyundai Heavy

Having just put one planned yard with Singapore’s Sembcorp Marine on the backburner, Saudi Aramco is eyeing up Hyundai Heavy Industries (HHI) as a potential partner to build a facility in the Middle Eastern kingdom.

Saudi Aramco has signed a memorandum of understanding (MoU) with South Korea’s HHI. The diverse business cooperation framework covers areas such as engineering, procurement and construction (EPC), downstream, and the development of a casting and forging facility. The MoU also covers the development of a yard and the advancement of maritime diesel engine manufacturing in Saudi Arabia.

“Our two companies are global leaders in our respective industries and the MoU cements a strategic relationship between us, with business flourishing on both sides. The partnership will add greater value to the kingdom’s economy, boost our localization efforts and help create jobs for Saudi nationals,” commented Amin Nasser, president and ceo of Saudi Aramco.

Two weeks ago it was revealed that long-held plans by Saudi Aramco, local tanker giant Bahri and Sembcorp Marine to build a yard on Saudi soil had been put on hold.