State-owned oil giant Saudi Aramco (Saudi Arabian Oil Co) will create over 650 jobs at a new manufacturing facility that will make engines and marine pumps.
Saudi Aramco signed a memorandum of understanding (MOU) with Hyundai Heavy Industries (HHI) to jointly collaborate on engines and pumps business development in the kingdom.
The manufacturing facility will be co-located with the $5.2 billion maritime yard in Ras Al-Khair, at the King Salman International Complex for Maritime Industries and services, where it will develop synergies with several complementary ventures, Saudi Aramco said.
The joint venture will manufacture 4-stroke engines under HHI’s HiMSEN brand licensing, serving as a regional production stronghold to support the growing demand for electricity in the MENA region as well as marine applications for very large and small vessels. The new JV will also operate under a MAN-HHI sublicense for the manufacturing and servicing of 2-stroke engines.
Saudi Aramco said the parties are currently finalising the investment decision, with the expectation the facility will commence operation by end of 2019.
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