This photo, provided by Doosan Heavy Industries & Construction on Jan. 19, 2022, shows a signing ceremony on the construction of a casting and forging factory in Saudi Arabia.
SEOUL, Jan. 19 (Korea Bizwire) — South Korea’s major power plant builder Doosan Heavy Industries & Construction said Wednesday it has signed a deal with Saudi Arabian Industrial Investments Co. and Saudi Aramco Development Co. to set up a joint venture to operate a US$940 million casting and forging plant.
TWAIG Casting & Forging will be located in King Salman International Maritime Industries Complex in the kingdom’s Eastern Province of Ras Al-Khair.
The deal on Tuesday came during a visit to Saudi Arabia by South Korean President Moon Jae-in as part of his tour in the Middle East.
Moon also attended the signing ceremony with Saudi Energy Minister Prince Abdulaziz bin Salman al-Saud, Saudi Investment Minister Khalid al-Falih and other high-level officials from the two sides.
Doosan Heavy said it is scheduled to sign an engineering, procurement and construction contract with TWAIG Casting & Forging to build the plant, without elaborating on a specific time frame.
The plant, which is set to be completed in the first quarter of 2025, will have an annual production capacity of 60,000 tons of casting and forging materials, according to Doosan.
“This project has a significant meaning in that it is the first time that Doosan makes inroads into a foreign market with its technology in casting and forging materials,” Doosan Heavy Chairman Park Gee-won was quoted as saying by his company.
Doosan Heavy declined to give any details on its stake in the joint venture.
(Yonhap)
