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Aramco, STX to set up $4bn ship repair yard
- Saudi Arabia: Sunday, March 24 - 2013 at 03:36
Saudi Aramco has agreed with South Korea's STX Heavy Industries to build a $4bn ship repair and fabrication yard at Ras Al-Khair, about 60 km north of Jubail, Meed has reported, citing industry sources. The state-owned oil giant is working toward being a fully-integrated company, and this new development will give it additional capabilities in an area where it has traditionally had to look elsewhere for expertise, the report said. "Building an in-kingdom facility that can cater to Aramco's offshore oil and gas industry, as well as carry out new builds and repairs on vessels is a logical move," it added.
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