Aramco marine complex gets price tag

DHAHRAN , November 28, 2016 – Saudi Aramco’s Ras al Khair shipbuilding and repair complex will carry an estimated price tag of more than USD 5 billion, Minister of Energy, Industry and Mines Khalid Al Falih said over the weekend.

Speaking in Dhahran on Sunday, Al Falih said construction on the project, which will be carried out in a joint venture between Aramco, Saudi Bahri, Hyundai Heavy Industries and Lamprell, will commence in 2018. The site will become operational in 2022 and is one of the key pillars of Saudi Arabia’s Vision 2030 diversification plan.

Saudi Arabia, which pulled of a meeting with non-OPEC producers that was scheduled for Monday, is scheduled to bring online additional oil production capacity of 3 million bopd, the minister also said.

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