Saudi Aramco expects huge marine complex operating fully by 2021

Saudi Aramco expects to complete development of a shipbuilding complex on the kingdom’s east coast by 2021.

DHAHRAN, Saudi Arabia, May 10 (Reuters) – National oil giant Saudi Aramco expects a huge ship repair and shipbuilding complex that it is developing at Ras al-Khair on the kingdom’s east coast to be fully operational by 2021, chief executive Amin Nasser said on Tuesday.

Under a sweeping economic reform programme announced last month, Aramco is to play a big role in developing industrial projects as Saudi Arabia tries to diversify its economy beyond reliance on oil exports.

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The first part of the shipbuilding complex will be ready by 2018, and it will eventually make oil rigs and tankers, Nasser told reporters during a rare media visit to company facilities in Dhahran.

A presentation by the company showed the complex would create 80,000 jobs and allow Saudi Arabia to reduce its imports by $12 billion, while increasing the country’s gross domestic product by $17 billion.

(Reporting by Rania El Gamal; Writing by Andrew Torchia)