Saudi Aramco Awards First Contract for Planned Shipyard Complex
Saudi Aramco said it has awarded the first major contract in the planned construction of a $5.2 billion shipyard complex designed to reduce Saudi Arabia's dependence on oil exports.
The national oil company said on Tuesday it awarded the contract for dredging, reclamation and marine structures to a consortium comprising Saudi Archirodon Co and Huta Hegerfeld AG Saudia Co.
Aramco, which is leading construction of the shipyard, did not reveal the value of the contract but said it would be completed by 2020. Among other things, it includes building 4,500 metres of concrete quay walls and wharves, as well as breakwaters, at Ras Al Khair on the east coast.
(Reporting by Andrew Torchia)