Saudi Aramco and Worldly Leading Company of Integrated Energy and Chemicals signed yesterday a comprehensive memorandum of understanding with Hyundai Heavy Industries Co., Ltd. (HHI), to explore and develop a range of business opportunities in the Kingdom of Saudi Arabia, most notably the marine industries complex, which the Company intends to develop in Ras Al-Khair on the Arab Gulf. The Memo was signed by Saudi Aramco's President and its Chief Executive Officer Engineer Amin bin Hassan Al-Nasser and Hyundai Heavy Industries Senior Vice President for General Planning, Ky Son Chung, in the presence of a number of officials. The memorandum provides a comprehensive framework for cooperation in various fields, including engineering, and provision and preparation of materials and construction, processing and marketing in addition to the establishment of a facility for casting and forming industry. It also includes the establishment of a shipyard at a global level and the advancement of marine diesel engines industry in the Kingdom of Saudi Arabia.
