Doosan Heavy Industries & Construction Signs Joint Venture Agreement with Saudi Industrial Investment Company and Aramco

[Asia Economy Reporter Lee Seon-ae] Doosan Heavy Industries & Construction announced on the 19th that it has signed a shareholders' agreement with Saudi Arabia's Public Investment Fund and the state-owned oil company Saudi Aramco to establish a casting/forging joint venture company (TWAIG Casting & Forging).

The joint venture plans to build a casting/forging plant with an annual production capacity of 60,000 tons in the King Salman Shipbuilding Industrial Complex in Ras Al Khair, Eastern Saudi Arabia.

Doosan Heavy Industries & Construction is expected to participate as the EPC contractor for the plant construction and as the operator for 10 years, with the EPC contract estimated to be worth approximately 1 trillion KRW.