Complex to take shape in the Eastern seaboard of the Kingdom along the Arabian Gulf coastline
State-owned Power Construction Corporation of China (PowerChina) recently announced that it had successfully bid for the construction of marine facilities for the Saudi Arabian mega-shipyard King Salman International Complex.
The total contract value is over $3bn, which is the largest cash settlement project PowerChina has received. The overall marine project will see Saudi Arabia to become a top shipbuilder globally with the International Maritime Industries (IMI) joint venture owned by Saudi Aramco (50.1%) and its most important tonnage provider Bahri (19.9%).
The other stakeholders are the UAE-based rig builder Lamprell (20%) and shipbuilder Hyundai Heavy Industries (HHI) (10%) of Korea.
The facility located in Ras Al Khair on the Eastern coast of the Kingdom, 60 km north of the industrial city of Jubail in the oil-rich Eastern Province, will be about 4.96 sqkm (1,230 acres) in area, with several dry docks and at least 15 separate piers. It will have four major areas of operation—shipbuilding, ship repair, oil rig construction, and oil rig support.
The King Salman International Complex for Maritime Industries and Services is part of Saudi Arabian’s National Industrial Strategy to focus on economic diversification. The complex locates at the Arabian Gulf coastal area of East Saudi Arabian, covering an area of 4.5km by 2.5km. The facility will be capable of building four offshore drilling platforms and 40 plus vessels annually, including three VLCCs.
The construction contracts signed with Power China include shipbuilding/ship repair yards and offshore oil platform. The project will be able to provide engineering, manufacture and repair services to drilling platform, commercial vessels and offshore engineering upon the completion.
SEPCO Electric Power Construction Corporation (SEPCO), a wholly-owned subsidiary of PowerChina, will be the general contractor for the project.
PowerChina is an integrated construction group that provides investment and financing, planning design, engineering construction, equipment manufacturing and operation management for hydraulic and hydro-power projects and infrastructure.
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