April 26, 2024
Industrials
HHI’s JV in Saudi Arabia gathers pace
[THE INVESTOR] Hyundai Heavy Industries’ mega project to establish a ship repair and shipbuilding joint venture in Saudi Arabia has gathered pace, industry sources said on June 1.
HHI and Saudi Aramco have been seeking to build a joint shipbuilding and maintenance yard and a maritime engine facility in the country.
In November last year, the Korean shipyard signed a memorandum of understanding with Saudi Aramco for the project.
According to the sources, Saudi Aramco, HHI and two other business partners signed a deal to build a shipyard on the Middle Eastern country’s east coast.
The project, worth US$5.3 billion, is forecast to begin in 2019. Details of the deal were not disclosed.
By Alex Lee and newswires (alexlee@heraldcorp.com)
HHI and Saudi Aramco have been seeking to build a joint shipbuilding and maintenance yard and a maritime engine facility in the country.
In November last year, the Korean shipyard signed a memorandum of understanding with Saudi Aramco for the project.
According to the sources, Saudi Aramco, HHI and two other business partners signed a deal to build a shipyard on the Middle Eastern country’s east coast.
The project, worth US$5.3 billion, is forecast to begin in 2019. Details of the deal were not disclosed.
By Alex Lee and newswires (alexlee@heraldcorp.com)
![[KH Explains] Korean shipbuilding stocks rally: Real growth or bubble?](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=151&simg=/content/image/2024/04/25/20240425050656_0.jpg)
![[Hello India] Hyundai Motor vows to boost 'clean mobility' in India](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=151&simg=/content/image/2024/04/25/20240425050672_0.jpg)
