Hyundai Heavy discusses joint project with Saudi minister

Updated 02 July 2016
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Hyundai Heavy discusses joint project with Saudi minister

SEOUL: Hyundai Heavy Industries (HHI) is expected to enjoy another boost with its joint construction projects building turbine engine plants and shipyards in Saudi Arabia.
Korea Times reported that HHI Chairman Choi Gil-seon and President Kwon Oh-gap met Saudi Energy Minister Khalid Al-Falih in Seoul to discuss joint operations between HHI and Saudi Aramco.
Khalid Al-Falih is also chairman of Saudi Aramco.
Experts believe the meeting is expected to help the struggling shipyard’s efforts in normalizing its management if they deliver detailed outcomes over the projects.
Last November, HHI signed a general memorandum of understanding (MoU) with Saudi Aramco to jointly collaborate on business development opportunities in Saudi Arabia.
Under the agreement, HHI secured a bid preference over ships ordered by the Saudi government as well as the maintenance contract.
Chung Ki-sun, senior vice president of HHI Corporate Planning and also a grandson of Hyundai Group founder Chung Ju-yung, reportedly played a leading role behind the MoU deal with Saudi Aramco.
Saudi Aramco Chairman Khalid Al-Falih wa appointed as Saudi Energy Minister in May last year.
He also met Trade, Industry and Energy Minister Joo Hyung-hwan after the meeting with HHI officials.
Al-Falih earlier said Saudi Arabia wants to expand its investments in China’s energy industry as part of efforts to boost cooperation with a top customer.
Al-Falih’s comments were made in an e-mailed statement after discussions with China’s Vice Premier Zhang Gaoli and other officials in Beijing during a G20 ministerial meeting.
“Saudi Arabia is very keen to elevate their partnership in the energy sector to the highest level,” he was quoted as saying in the statement, published in Reuters.
He said he hoped Saudi investments could increase to cover all Chinese provinces and that there was room to grow bilateral trade in both energy and other hydrocarbons products such as petrochemicals.
Al-Falih also said he wanted to see new investment projects carried out by Saudi and Chinese sovereign wealth funds, and added that the two countries shared interest in crude oil storage, mining, renewable energy and industrial development.
Both Saudi Aramco and petrochemicals conglomerate Saudi Basic Industries Corp. (SABIC) have joint venture businesses in China and new projects under development.

In January, Aramco said it was also in advanced talks to invest in refineries in China. SABIC said in May it had agreed to build another petrochemical factory there.


IDEX 2019: UAE armed forces sign new defense deals

Updated 19 February 2019
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IDEX 2019: UAE armed forces sign new defense deals

  • Falcon was developed in response to the UAE’s request to replace the Hawk Air Defense System

ABU DHABI: The UAE armed forces has signed $1.17 million worth of defense contracts with local companies and $514.8 million with international companies, military spokesperson Brigadier General Mohammed Al-Hassani said on Tuesday.

The Emirates on Monday also awarded Raytheon a $1.55 billion contract to supply its air force with platform systems to launch missiles.

The agreement was signed at the week-long IDEX military exhibition in Abu Dhabi and followed the award on Sunday of a 1.3 billion-dirham contract to Raytheon to supply the UAE with patriot missiles.

The UAE armed forces signed a total of 7.2 billion dirhams in contracts on Monday, including 5.8 billion dirhams with international companies, Brig. Gen. Mohammed Al-Hassani said, speaking through a translator.

The UAE has signed a total of 12 billion dirhams in contracts since the IDEX exhibition started on Sunday, he said.

Lockheed Martin, Germany’s Diehl Defense, and Sweden’s Saab on Monday launched at IDEX the Falcon air defense weapon system, billed as a replacement to the Hawk system used by countries in the Middle East.

Falcon was developed in response to a UAE request for a replacement for the Hawk system and talks are underway to sell it to the Gulf state, Scott Arnold, Lockheed Martin’s vice president and deputy head of Integrated Air and Missile Defense said.

Weapons sales to the UAE have come under scrutiny over the past year due to the country’s involvement in the Yemen war that has killed tens of thousands of people and pushed the country to the brink of starvation.

The UAE and Saudi Arabia are leading a military coalition, which includes local forces drawn from Yemeni factions, that is trying to restore the internationally recognized government ousted from power in 2014 by the Iran-aligned Houthi movement.