Courtesy of Saudi Aramco
Saudi Aramco and Hyundai Heavy Industries Group signed a general memorandum of understanding to jointly collaborate on business development opportunities in the Kingdom of Saudi Arabia.
The signing ceremony was presided by Amin H. Nasser, President and CEO of Saudi Aramco, Ki-sun Chung, Senior Vice President of Hyundai Heavy Industries Corporate Planning, accompanied by Jeong-Hwan Kim, COO of Hyundai Heavy Industries Shipbuilding, and Cheul-ho Park, COO of Hyundai IP&E (Industrial Plant and Engineering).
The memorandum lays out a comprehensive, multi-faceted business cooperation framework in areas such as engineering, procurement and construction, downstream, and the development of a casting and forging facility. The agreement also covers the development of a world class maritime yard and the advancement of maritime diesel engine manufacturing in the Kingdom of Saudi Arabia.
The strategic collaboration discussion was initiated when Saudi Aramco’s Board of Directors visited Hyundai‘s Ulsan complex in April 2015.