announced on Tuesday that it has signed a Memorandum of Understanding with Indian engineering and construction conglomerate Larsen & Toubro (L&T) to establish the Middle East's first Heavy Wall Pressure Vessels facility at Jubail Industrial City.
Aramco said in a press statement that the MoU is in line with the Aramco Namaat program, launched in September, which aims to tap into the vast opportunities available in Saudi Arabia to create value, as well as drive economic expansion and diversification.
The statement said L&T is due to start construction of the new facility imminently, with production expected to commence by the third quarter of 2022.
Spread over an area of 120,000 square metres, the facility aims to produce critical equipment for several industries, including the power and oil and gas sectors, the statement added.
Ahmed Sa’adi, Aramco’s Senior Vice President of Technical Services, said: “This manufacturing facility, once completed, will provide a large number of skilled job opportunities for Saudi youth, localize the “know how” of heavy wall vessels in the Kingdom, and deploy the latest manufacturing technologies to serve the Kingdom and MENA region."
S N Subrahmanyan, L&T’s CEO, said the project is a significant milestone for L&T in the Kingdom and a strong testimony to its commitment to the development of the region.
(Writing by SA Kader; Editing by Anoop Menon)
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