New Saudi shipyard to be built in South Korea.

Saudi Arabian tanker giant Bahri is set to order very large crude oil carriers (VLCCs) from a large-scale shipyard being developed in the King Salman Complex by International Maritime Industries (IMI) at Ras Al-Khair, with the vessels being built at the dockyard of Hyundai Heavy Industries (HHI) in South Korea.

The order is a follow-up to the latest memorandum of understanding (MoU) for VLCCs, which was signed by Bahri, formerly known as the National Shipping Co. of Saudi Arabia, IMI and HHI during Crown Prince Mohammed bin Salman’s landmark visit to South Korea on June 26-27.

IMI is a joint venture between Saudi Aramco, Bahri, HHI, and Lamprell, an oil rig construction firm based in the UAE. HHI has agreed to increase its equity share in IMI from 10 to 20 percent, with an MoU between HHI and IMI to explore business opportunities in shipbuilding.

“Once Bahri places its order for the VLCCs, HHI will serve as a subcontractor by building the vessel at its yard in Ulsan, South Korea,” HHI told Arab News on Sunday.

“Among the partners of the IMI joint venture, HHI is the only partner capable of building a shipyard and providing the knowledge of building ships in line with international standards.”

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