Aramco partners with Doosan Heavy to build joint venture cast and forge plant

By Lim Chang-won Posted : January 19, 2022, 11:22 Updated : January 19, 2022, 11:22

[Courtesy Doosan Heavy]

SEOUL -- Saudi Aramco teamed up with Doosan Heavy Industries & Construction, a key player in South Korea's power industry, to build a major joint venture plant capable of producing  60,000 tons of casting and forging products annually for petrochemical plants, shipbuilding and offshore plants. The plant reflects the oil-rich country's drive to change its industrial structure.  

The joint venture named "TWAIG Casting & Forging" will be located at Saudi Arabia's King Salman International Maritime Industries Complex in Ras Al-Khair. Construction will be completed in the first quarter of 2025. Doosan Heavy would sign an engineering, procurement and construction (EPC) contract worth one trillion won ($839 million).

"We hope the joint venture will serve as a stepping stone in expanding our business to new areas such as renewable energy," Doosan Heavy chairman Park Ji-won said in a statement published in Seoul on January 19. Main products will be casting and forging materials used for shipbuilding, offshore plants, and pumps and valves for petrochemical plants, the company said, adding the plant would expand its production area to power plants.
Doosan Heavy said that it signed an amendment to a shareholders' agreement with the Saudi Arabian Industrial Investments Company (Dussur) and Saudi Aramco Development Co. in Riyadh on January 18 in a ceremony attended by South Korean President Moon Jae-in. Doosan Heavy said that the joint venture would contribute to Saudi Arabia's strategic framework for industrial development as it will pave the way for a leap forward in the country's key national industry.  

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