Saudi Aramco, the world’s leading integrated energy and chemicals company, and Hyundai Heavy Industries (HHI) Group signed a general memorandum of understanding (MoU) to jointly collaborate on business development opportunities in the Kingdom of Saudi Arabia. The MoU is a comprehensive, multi-faceted business cooperation framework in areas like engineering, procurement and construction (EPC), downstream and the development of a casting and forging facility. The MoU also covers the development of a world class maritime yard and maritime diesel engine manufacturing in the Kingdom of Saudi Arabia.
Amin H. Nasser, President and CEO of Saudi Aramco presided over the signing ceremony and Ki-sun Chung, Senior Vice President of HHI Corporate Planning, Jeong-Hwan Kim, COO of HHI Shipbuilding, and Cheul-ho Park, COO of HHI IP&E (Industrial Plant and Engineering) were also present.
The discussion was initiated when Saudi Aramco’s Board of Directors visited HHI’s Ulsan complex in April 2015.
Nasser said: “The MoU cements a strategic relationship between two giants, with business flourishing on both sides. The partnership will add greater value to the Kingdom’s economy, boost our localization efforts and help create jobs for Saudi nationals.”
Hyundai Groups contribution was way back in 1970s when it developed the Jubail port (King Fahd industrial port). This signing is significant as it provides the potential for the creation of another Jubail that creates tremendous growth opportunities for HHI in Saudi Arabia.
Source: Saudi Aramco