HHI eyes operations in Saudi Arabia from partnership

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.

News ID: 66291

Date: 11 July 2016 - 09:13

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.