Saudi Aramco launches ship manufacturing venture

Major production and services are expected to start in 2019 and the project will be fully operational by 2022. (Courtesy: saudiaramco)
Updated 31 December 2017
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Saudi Aramco launches ship manufacturing venture

DHAHRAN: Saudi Aramco on Friday launched a joint venture in marine international industries with Lamprell plc, the National Shipping Company of Saudi Arabia (Bahri), and Hyundai Heavy Industries Co. Ltd. to establish, develop and operate a world-class maritime yard.

The new project will provide one of the world’s largest maritime integrated service complexes, with completion expected by 2022.

The new joint venture will localize important workshops in Saudi Aramco’s supply chain associated with offshore drilling and shipping, reduce costs, response time and increase flexibility for the company and its partners.

The new facility will be able to manufacture four offshore drilling platforms, build more than 40 vessels, including 3 giant oil tankers, and annually service more than 260 marine products.

Saudi Aramco’s vice president for finance, strategy and development, and chairman of the International Marine Industries Company, Abdullah Al-Saadan, said: “The global marine industry will serve Saudi Aramco’s strategic goal of becoming the global leader in energy and chemicals by meeting the company’s needs in production and shipping.” He added: “The company offers a combination of technology, supply chain efficiency and sustainable partnership, enabling it to become a world-class company offering competitive services to customers.”

Al-Saadan noted: “The world marine industry is unique in its combination of industrial and operational leadership through a consortium of four global and regional entities in the field of energy and marine industries, and the International Maritime Industries Company has valid applications for the manufacture of more than 20 platforms and the construction of 52 ships over the decade.”

Major production and services are expected to start in 2019 and the project will be fully operational by 2022. The project will contribute to the development of national expertise in the field of marine industries and employment generation.


Pakistan’s Khan meets Saudi Arabia’s energy minister in Jeddah

Updated 43 min 59 sec ago
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Pakistan’s Khan meets Saudi Arabia’s energy minister in Jeddah

DUBAI: Pakistan’s Prime Minister Imran Khan met the Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih on Wednesday, Saudi state-news agency SPA reported.

Khan received the Falih at his residence in Jeddah to discuss ways of cooperation between Pakistan and Saudi Arabia.

Khan’s trip to Saudi Arabia marks his first official foreign visit as Pakistan’s prime minister. He is accompanied by Foreign Minister Shah Mehmood Qureshi and other senior members of his cabinet.