Saudi Aramco, Hyundai Heavy to make engines and pumps together
DUBAI (Reuters) — National oil giant Saudi Aramco said it had signed a memorandum of understanding with South Korea's Hyundai Heavy Industries to make engines and marine pumps in the kingdom.
The manufacturing facility, which is expected to create over 650 jobs, will be at the site of a $5.2 B shipyard which Aramco and partners plan to build at Ras Al Khair on Saudi Arabia's east coast, Aramco said in a statement on Wednesday.
Also involved in the project is the Saudi Arabian Industrial Investments Co, founded in 2014 to help develop the Saudi economy beyond oil exports. Its shareholders are Aramco, top petrochemical producer Saudi Basic Industries, and the Public Investment Fund, Riyadh's main sovereign wealth fund.
The companies hope to start operations at the new facility by the end of 2019. It would make 4-stroke engines under Hyundai's HiMSEN brand, supporting their use in remote power plants as well as marine applications for very large and small vessels, Aramco said.
Reporting by Andrew Torchia
Related News
- Neste premieres at Chinaplas: showcasing possibilities of bio-based and recycled materials for plastics
- Hanwha Ocean, Amogy and Hanwha Aerospace forge partnership to decarbonize maritime sector with ammonia as a zero-emission fuel
- BHP says it aims to receive first ammonia-fueled bulk carrier in 2026
Comments