Aramco has signed a joint venture agreement with three companies to set up a shipbuilding complex on the Kingdom's eastern coast as part of a government plan to diversify the economy and reduce its dependence on oil.
Aramco said on Wednesday it had signed an agreement with Saudi shipping company Bahri, Hyundai South Korea Heavy Industries and Lamprell, an engineering firm based in the United Arab Emirates and listed on the London Stock Exchange.
According to Reuters, "Aramco" has signed a memorandum of understanding on the project in January 2016.
Aramco did not give any financial details about the project, but said it would cost more than 20 billion riyals ($ 5.3 billion).
Aramco, through its Twitter account, confirmed that Ras Al Khair Marine Industries Complex will boost the growth of the Kingdom's energy, construction and marine engineering sectors and meet the requirements for manufacturing, maintenance, repair and complete renovation of offshore oil and gas drilling platforms and associated services.
In a separate statement, Lambert said the complex would be partially operational in 2019 and fully operational in 2022, adding that the Saudi government would fund about $ 3.5 billion of the project's $ 5.2 billion cost.
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