DHAHRAN, Saudi Arabia – Saudi Aramco and Hyundai Heavy Industries (HHI) Group have signed a general memorandum of understanding (MoU) to jointly collaborate on business development opportunities in the Kingdom of Saudi Arabia.
The MoU covers the development of a maritime yard and the advancement of maritime diesel engine manufacturing in Saudi Arabia, along with some downstream engineering, procurement, and construction opportunities.
The strategic collaboration discussion was initiated when Saudi Aramco’s board of directors visited HHI’s Ulsan complex in April 2015.
The signing ceremony was presided by Amin H. Nasser, president and CEO of Saudi Aramco; Ki-sun Chung, senior vice president of HHI Corporate Planning, accompanied by Jeong-Hwan Kim, COO of HHI Shipbuilding, and Cheul-ho Park, COO of HHI Industrial Plant and Engineering.
“The partnership between the two industrial behemoths not only means a great opportunity to enhance Korea’s shipbuilding and EPC businesses,” Chung said, “but also extends Hyundai Groups’ contribution to the Kingdom stretching back to the 1970s when it was awarded a contract to develop the Jubail port (King Fahd industrial port) project. This signing is significant as it provides the potential for the creation of another Jubail that creates tremendous growth opportunities for HHI in Saudi Arabia.”
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