Doosan Heavy signs casting joint venture deal in Saudi

Industry

Published: 19 Jan. 2022, 18:10 Updated: 19 Jan. 2022, 18:10

Doosan Heavy signs casting joint venture deal in Saudi

A computer rendering of a casting and forging factory that will be built by Twaig Casting & Forging, a joint venture among Doosan Heavy Industries & Construction, Dussur and Saudi Aramco Development. [DOOSAN HEAVY INDUSTRIES & CONSTRUCTION]

Doosan Heavy Industries & Construction signed a joint venture agreement with Dussur and Saudi Aramco Development to build a casting and forging plant in Saudi Arabia.

The joint venture will build a 400,000-square-meter (4.3 million-square-feet) factory in Ras Al Khair on the east coast of Saudi Arabia. Korean President Moon Jae-in and Abdulaziz Bin Salman Al Saud, energy minister of Saudi Arabia, attended a signing ceremony in Riyadh on Tuesday.

Ground will be broken this year and construction completed in the first quarter of 2025. The plant will have annual production capacity of 60,000 tons.

Doosan Heavy Industries & Construction said the plant will make parts for pumps and valves used in petrochemical production. It will also make parts for wind power plants in the future.

“The agreement is meaningful in that Saudi Arabia is the first foreign country we are offering our technology in casting and forging,” said Park Ji-won, Chairman of Doosan Heavy Industries & Construction in Wednesday’s release. “I hope the establishment of the joint venture will be a major milestone for us to expand our business portfolio to such areas as renewable energy.”

BY SARAH CHEA [chea.sarah@joongang.co.kr]