Hyundai Heavy discusses joint project with Saudi minister

Updated 02 July 2016
0

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.


Paris Air Show: After Boeing showstopper, Airbus seeks order bounce

Updated 19 June 2019
0

Paris Air Show: After Boeing showstopper, Airbus seeks order bounce

  • British Airways owner IAG signs letter of intent to buy 200 of its 737 MAX jets
  • Airbus is looking for up to 200 orders for the A321XLR, which is designed to open up new routes

PARIS: Airbus, reeling from the potential loss of a major customer for its best-selling A320neo as British Airways owner IAG placed a lifeline order for the grounded 737 MAX, prepared to hit back with more orders for its A321XLR on Wednesday.
The planemaker has been negotiating with US airlines investor Bill Franke whose Indigo Partners has also been known to place orders for multiple airlines within its portfolio and could reel it in for the Paris Air Show, industry sources said.
Airbus declined to comment.
After weathering intense scrutiny over safety and its public image, Boeing won a vote of confidence on Tuesday as IAG signed a letter of intent to buy 200 of its 737 MAX jets that have been grounded since March after two deadly crashes.
The surprise order lifted the energy of a previously subdued Paris Airshow, where the talk had been of the possible end of the aerospace cycle, given the issues at both Boeing and Airbus as well as geopolitical and trade tensions around the world.
Australia’s Qantas Airways said on Tuesday it would order 10 Airbus new A321XLR jets and convert a further 26 from existing orders already on the Airbus books.
Airbus is also in talks with leasing company GECAS and has been trying to secure an eye-catching order for the A321XLR from American Airlines, though the world’s largest carrier does not typically make announcements at air shows.
Airbus is looking for up to 200 orders for the A321XLR, which is designed to open up new routes.