By May 10, 2016 Read More →

Saudi Aramco expects huge marine complex operating fully by 2021

Saudi Aramco playing a big role in industrial projects development

Saudi Aramco

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.

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)

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