Saudi Arabian Oil Co.’s (Saudi Aramco) Ras Al Khair ship repair and fabrication complex will be fully operational by 2021, chief executive Amin Nasser told reporters in Dhahran.

 

Phase I of the maritime complex will be ready by 2018, and it will eventually make oil rigs and tankers, Nasser said.

 

The complex would reduce Saudi imports by $12 billion, while increasing the country's gross domestic product by $17 billion and adding 80,000 jobs.

 

Under the kingdom’s economic reform program announced last month, Aramco is expected to play a significant role in developing industrial projects as Saudi Arabia seeks to diversify income resources, and reduce reliance on oil exports.

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