Saudi Arabia: Aramco pours money into region’s largest shipyard

Saudi Aramco has signed a joint venture agreement with National Shipping Company of Saudi Arabia (Bahri), UAE-based Lamprell and South Korea’s Hyundai Heavy Industries (HHI) to set up a $5.2bn shipyard at the King Salman International Complex for Maritime Industries and Services at Ras Al-Khair on the kingdom’s east coast. The yard, which will cover 4.3km2, is planned to be the largest of its kind in the region and will manufacture, maintain and repair offshore oil and gas rigs, offshore support vessels and very large crude carriers (VLCCs).