South Korea’s Hyundai Heavy Industries (HHI) is looking to establish a shipyard and turbine engine plant in Saudi Arabia as part of its efforts to weather through the shipbuilding sector downturn, reports said.
According to MANA,HHI top officials have met with Saudi Arabia’s energy minister Khalid Al-Falih last Friday to discuss joint operations with oil firm Saudi Aramco, The Korea Times and Yonhap reported. Khalid Al-Falih is also the chairman of Saudi Aramco.
At the end of May HHI signed a joint development agreement with Saudi Aramco, Bahri and Lamprell with a view to developing a shipyard at Ras Al Khair in eastern Saudi Arabia.
The partnership with Saudi Aramco and new business deals in Saudi Arabia are expected to help the debt-ridden HHI in normalising its operations as the yard struggles with an ongoing restructuring.