Hyundai Heavy to build power engines plant in Saudi Arabia
The Hyundai Heavy-Aramco consortium will spend $400mn to set up an engine plant in Ras Al-Khair, eastern Saudi Arabia, by 2019
Hyundai Heavy Industries has signed a memorandum of understanding with Saudi Aramco and other companies to build a plant in Saudi Arabia that will make engines used for ships and power generation.
The Hyundai Heavy-Aramco consortium will spend $400mn to set up an engine plant in Ras Al-Khair, eastern Saudi Arabia, by 2019, the company said.
Hyundai Heavy expects to earn revenues by selling related parts and technology.
The HiMSEN engine, a medium-sized power plant for ship propulsion and power generation that was independently developed in 2000 could expand its presence in the global marine engine market following this deal, according to the South Korean company.
Hyundai Heavy's HiMSEN engine accounts for 22 percent of the global medium engine market, and is already exported to some 40 countries.