A joint venture of Saudi Arabian Industrial Investments Company (Dussur), Saudi Aramco, and Hyundai Heavy Industries (HHI) is expected to award the main construction contract for their Marine Engine and Pumps manufacturing plant at King Salman Global Maritime Industries Complex, Ras Al Khair by fourth quarter 2021, according to a source.
The engine and pump JV, which was launched in July 2019, is owned 55 percent by Aramco; 15 per cent by Duusur and 30 percent by Hyundai Heavy Industries through Korea Shipbuilding & Offshore Engineering (KSOE).
“The tender for the main construction contract was issued in September 2021. The main contract is likely to be awarded by mid-December 2021,” a source told Zawya Projects.
The bidders list includes Nesma & Partners, Orascom, Samsung E&C, and Tata Projects, according to officials from two companies.
The scope of work involves the construction of a manufacturing facility to make 2-stroke and 4-stroke marine and Electric Power Plants (EPP) engines, as well as marine pumps
According to a July 2017 press statement by Aramco, the JV would serve as regional production hub for 4-stroke engines for electricity generation and marine applications for large and small vessels under HHI’s HiMSEN brand licensing. It will also operate under a MAN-HHI sublicense for the manufacturing and servicing of 2-stroke engines.
The JV is expected to generate over 650 direct jobs, as well as indirect jobs through the development of the supply chain, the statement had noted.
Wood Group has been appointed as feasibility study consultant, the source said, adding that the project is slated for completion in the fourth quarter of 2024.
(Reporting by Senthil Palanisamy; Editing by Anoop Menon)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.