Saudi oil giant Aramco announced signing of a MoU with world’s largest steel maker Chinese Baosteel to conduct an engineering study and develop plans needed to build, own and operate an integrated steel plate manufacturing facility in Saudi Arabia. Baosteel said the companies planned to carry out a feasibility study on building a plant to make heavy steel plates, which are widely used in the construction industry. Baosteel said “The intended cooperation is in line with Saudi Arabia's Vision 2030 and the Chinese government's One Belt, One Road' initiative.”Aramco had signed a similar agreement with South Korean steel giant Posco last year.In addition, a JV agreement between SeAH and Dussur to localize stainless steel seamless tube and pipe manufacturing has been materialized.In a major expansion of its industrial investment program Aramco Namaat, Aramco signed 22 new Memoranda of Understanding and 1 joint venture agreement focused on capacity building in four key sectors: sustainability, technology, industrial and energy services, and advanced materials. Namaat means collective growth in Arabic and the program aims to tap into the vast opportunities available in Saudi Arabia to create new value, and drive economic expansion and diversification.
Saudi oil giant Aramco announced signing of a MoU with world’s largest steel maker Chinese Baosteel to conduct an engineering study and develop plans needed to build, own and operate an integrated steel plate manufacturing facility in Saudi Arabia. Baosteel said the companies planned to carry out a feasibility study on building a plant to make heavy steel plates, which are widely used in the construction industry. Baosteel said “The intended cooperation is in line with Saudi Arabia's Vision 2030 and the Chinese government's One Belt, One Road' initiative.”Aramco had signed a similar agreement with South Korean steel giant Posco last year.In addition, a JV agreement between SeAH and Dussur to localize stainless steel seamless tube and pipe manufacturing has been materialized.In a major expansion of its industrial investment program Aramco Namaat, Aramco signed 22 new Memoranda of Understanding and 1 joint venture agreement focused on capacity building in four key sectors: sustainability, technology, industrial and energy services, and advanced materials. Namaat means collective growth in Arabic and the program aims to tap into the vast opportunities available in Saudi Arabia to create new value, and drive economic expansion and diversification.