DUBAI
National oil giant Saudi Aramco said it had signed a memorandum of understanding with South Korea’s Hyundai Heavy Industries to make engines and marine pumps in the kingdom.
The manufacturing facility, which is expected to create over 650 jobs, will be at the site of a $5.2 billion shipyard which Aramco and partners plan to build at Ras Al Khair on Saudi Arabia’s east coast, Aramco said in a statement on Wednesday. The companies hope to start operations at the new facility by the end of 2019. It would make 4-stroke engines under Hyundai’s HiMSEN brand, supporting their use in remote power plants as well as marine applications for very large and small vessels, Aramco said.
