Hyundai Heavy inks MOU for marine engine plant in Saudi Arabia

  • PUBLISHED :July 05, 2017 – 14:21
  • UPDATED :July 05, 2017 – 14:21

[THE INVESTORHyundai Heavy Industries, a major shipyard here, said Wednesday that it had signed a memorandum of understanding with Saudi Aramco and others to build a plant in Saudi Arabia that will make engines used for ships and power generation.

The Hyundai Heavy-Aramco consortium will spend US$400 million to set up an engine plant in Ras Al-Khair, eastern Saudi Arabia, by 2019, the company said.

Hyundai Heavy expects to earn revenues by selling related parts and technology.

The South Korean company said that with the deal, its HiMSEN engine, a medium-sized power unit for ship propulsion and power generation that was independently developed in 2000, could expand its presence in the global marine engine market.

Hyundai Heavy’s HiMSEN engine accounts for 22 percent of the global medium engine market, and is already exported to some 40 countries.
Separately, Hyundai Heavy is conducting a mega project to establish a ship repair and shipbuilding joint venture in Saudi Arabia.

In November of last year, the South Korean shipyard signed a memorandum of understanding (MOU) with Aramco for the project.
The project, worth US$5.3 billion, is forecast to begin in 2019.
If the project goes smoothly, Hyundai Heavy will be well-positioned to win shipbuilding deals from Saudi Arabia.

By Alex Lee and newswires (alexlee@heraldcorp.com)


댓글 달기

이메일은 공개되지 않습니다. 필수 입력창은 * 로 표시되어 있습니다.

다음의 HTML 태그와 속성을 사용할 수 있습니다:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>