Saudi Aramco signed MoU with each of General Electric "GE" and Italian Cevedale S.B.A Company
Riyadh - QNA
Saudi Aramco on Wednesday signed a Memorandum of Understanding (MoU) with each of General Electric "GE" and Italian Cevedale S.B.A Company to set up a factory for casting and forming metals which is the first of its kind in the Middle East and North Africa region to support the localization of industries in the energy and marine industry sectors.
According to Saudi Press Agency (SPA), Aramco said in a press statement "The new facility, which will establish for a joint investment of more than SR 1.5 billion ($ 400 million), in Ras Al-Khair which is located within the Royal Commission for Jubail industrial area of Jubail and Yanbu, indicating that in the case it was agreed on the establishment of the factory, it is expected to start operation in 2020 and will contribute to providing 2,000 jobs for Saudis.
The Senior Vice President for Finance, Strategies and Development at Saudi Aramco Engineer Abdullah Al-Sedan said that the Memorandum of Understanding reflects the aspiration of the company to provide a supply chain able to promote integration in the energy sector in line with the Kingdom of Saudi Arabia's Vision 2030 aimed at promoting economic and industrial diversity in the Kingdom and supporting the localization of industries.