Company Executives signing the MoU
Saudi Arabian Oil Co. (Saudi Aramco) signed a memorandum of understanding (MoU) with Larsen & Toubro (L&T) to build a new specialized facility for the production of heavy wall pressure vessels in Jubail Industrial City.
L&T is likely to begin construction of the new facility soon, with production expected to start by the third quarter of 2022, the company said in a statement.
The 120,000-square-meter facility aims to produce vital equipment for many industries, including electric power, oil and gas.
The facility will be the first of its kind to manufacture these products in the region and is expected to provide services within the Gulf region, Middle East and North Africa, the statement added.
Aramco also indicated that the MoU is in line with its “namaat” program launched last September and aims to take advantage of the Kingdom's tremendous opportunities to create value, as well as promote economic expansion and diversification.
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