Aramco’s maritime JV secures SAR 3.75 bln financing from SIDF

03/04/2018 Argaam

 

International Maritime Industries Co. has signed a financing deal worth SAR 3.75 billion with the Saudi Industrial Development Fund to fund the King Salman International Maritime Industries & Services’ project in Ras Al-Khair.

 

The project will be operational in Q1 2019 and reach complete production capacity by 2022, the fund said in a statement.

 

The International Maritime Industries Co. is a joint venture between Saudi Aramco, Lamprell Plc, the National Shipping Company of Saudi Arabia (Bahri) and Hyundai Heavy Industries Co. Ltd. (HHI), launched in December.

 

The new firm will provide one of the world’s largest maritime integrated service complexes in terms of size and production, with a capacity of four offshore drilling rigs, 40 ships including three giant oil tankers, and more than 260 shipping products annually.

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