22 September 2019
State-owned Saudi Aramco's project to build a giant shipyard on the eastern coast will partially be completed before the end of 2020, a local newspaper said on Sunday.

King Salman Complex for Maritime Industries and Services in the port of Ras Al-Khair on the Gulf was launched in 2016 after the world's largest oil company signed a memorandum of understanding with South Korea's shipbuilder Hyundai Heavy Industries.

The project, with an estimated cost of around $4.3 billion, is divided into three phases, including maritime industries, oil platforms, and engines, the Arabic language daily Aliqtisadia said, citing an Aramco statement.

Phase 1 is expected to be completed before the end of 2020 while the shipyard will be fully commissioned on time in Oct 2022, Aramco said.

"The maritime platform project will serve the oil sector in Saudi Arabia and other Gulf countries...it will be ready in August 2022," it added.

In October 2016, Royal HaskoningDHV and Hyundai Engineering & Construction were awarded a design contract for the facility. In November 2017, Saudi Aramco awarded China Power Construction Group a $3 billion contract to build the shipyard facilities.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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