Saudi Aramco and its partners have launched International Maritime Industries (IMI), a joint venture to build a shipyard on the kingdom's east coast.
The state-owned oil giant said in a statement on Friday that IMI had been officially launched in partnership with National Shipping Co of Saudi Arabia (Bahri), engineering firm Lamprell Plc, and South Korea's Hyundai Heavy Industries Co.
On that occasion, Aramco and its partners announced the appointment of Engineer Fathi K. Al-Saleem as chief executive of the joint venture. Other senior executives were also appointed
The nearly 12 million square-meter facility is planned to have an annual capacity to manufacture four offshore rigs, over 40 vessels including three Very Large Crude Carriers (VLCCs), and service over 260 maritime products.