Saudi Aramco and Hyundai Heavy Industries (HHI) have signed a memorandum of understanding (MoU) to collaborate on business development opportunities in the Kingdom of Saudi Arabia
The MoU lays out a comprehensive business cooperation framework to meet growing demand in areas such as engineering, procurement and construction (EPC), downstream, electrical equipment manufacturing, maritime diesel manufacturing, and planned developments such as a casting and forging facility and a maritime yard.
Saudi Aramco plans to develop the maritime yard within Ras Al-Khair in conjunction with the National Shipping Company of Saudi Arabia, and Korean-based HHI as a potential partner. The yard will help Saudi Aramco expand its offshore business and associated supply chain.
Amin H. Nasser, president and CEO of Saudi Aramco, Kim-sun Chung, senior vice president of HHI Corporate Planning, Jeong-Hwan Kim, COO of HHI Shipbuilding, and Cheul-ho Park, COO of HHI Industrial Plant and Engineering, presided over the signing ceremony. Saudi Aramco initiated the collaboration when the company's board of directors visited HHI's Ulsan complex in April 2015.
