Saudi Aramco launches new global maritime industries JV– the integrated maritime yard will be one of the largest full-service maritime facility in the world
BE2C2 Report– Saudi Aramco and its partners have appointed chief executive and other senior executives of a joint venture to build a shipyard on the kingdom’s east coast.
The massive undertaking named International Maritime Industries (IMI) is part of the Saudi Arabian government’s drive to diversify the economy beyond oil, localize its major economic subsectors, expand local employment base, and position itself to be a global competitor and a regional hub for maritime products and services.
The state-owned oil giant said in a statement on Friday that IMI had been officially launched in partnership with National Shipping Co of Saudi Arabia (Bahri), UAE-based engineering firm Lamprell Plc, and South Korea’s Hyundai Heavy Industries Co.
The new company is the anchor project within the King Salman International Complex for Maritime Industries and Services at Ras Al Khair.
Aramco, which signed the joint venture agreement in May, has previously said the project will cost more than 20 billion riyals ($5.3 billion).
The nearly 12 million square-meter facility is planned to have an annual capacity to manufacture four offshore rigs, over 40 vessels including three Very Large Crude Carriers (VLCCs), and service over 260 maritime products.
IMI already has orders for more than 20 rigs and 52 ships over the next decade, report TradeArabia.
Initial production and service operations are expected to commence in 2019, with the facility reaching its full operational capacity by 2022.
The newly-appointed CEO of the JV Engr. Fathi K. Al-Saleem has more than 23 years of experience at Aramco and led the feasibility and commercial development stages of IMI, the statement said.