Aramco’s Ras Al Khair shipyard to be fully operational by 2021

Saudi Arabian Oil Co.’s (Saudi Aramco) Ras Al Khair ship repair and fabrication complex will be fully operational by 2021, chief executive Amin Nasser told reporters in Dhahran.

Phase I of the maritime complex will be ready by 2018, and it will eventually make oil rigs and tankers, Nasser said.

The complex would reduce Saudi imports by $12 billion, while increasing the country's gross domestic product by $17 billion and adding 80,000 jobs.

Under the kingdom’s economic reform program announced last month, Aramco is expected to play a significant role in developing industrial projects as Saudi Arabia seeks to diversify income resources, and reduce reliance on oil exports.