A metal casting and forging plant will be built by South Korea’s Doosan Heavy Industries and Construction at the cost of 1 trillion won ($834 million) in Saudi Arabia.
Under the deal, the construction of the plant at the King Salman Global Maritime Industries Complex in Ras Al-Khair will start in 2022, and be completed in the first quarter of 2025, according to media reports that cited Yonhap News Agency.
Doosan said in a statement that once built it will be Saudi Arabia’s largest casting and forging facility. The statement added that the main products to be produced at the facility are the castings and forgings that go into the pumps and valves of petrochemical plants and those used on equipment for shipbuilding and offshore plants. The long term plan is to further expand the scope to include castings and forgings for wind farms and power plants.
The contract is awarded by Saudi Tuwaiq Casting & Forging Co. a joint venture established last month between Doosan, Saudi Dussur Industrial Investments Co. and Aramco’s wholly owned unit Saudi Aramco Development Co.
The plant orders in Saudi Arabia and the Gulf Cooperation Council are expected to grow around 2 trillion won per year in 2028, the agency reported citing the market research firm Frost & Sullivan.
Established in 1962, Doosan Heavy Industries & Construction Co. is a heavy industrial company specialized in the manufacturing and construction of nuclear power plants, thermal power stations, turbines and generators, desalination plants, castings, and forgings.