Saudi Aramco, Hyundai Heavy Industries sign MoU

Offshore staff

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.”


Share your news with Offshore at

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...