Saudi Aramco shipyard joint venture appoints CEO

Saudi Aramco and its partners have appointed Fathi K. Al-Saleem as chief executive of a joint venture to build a shipyard on the kingdom’s east coast, part of the Saudi Arabian government’s drive to diversify the economy beyond oil.

The state-owned oil giant said in a statement on Friday that International Maritime Industries (IMI) had been officially launched in partnership with National Shipping Co of Saudi Arabia (Bahri), engineering firm Lamprell Plc, and South Korea’s Hyundai Heavy Industries Co.

Saleem has more than 23 years of experience at Aramco and led the feasibility and commercial development stages of IMI, the statement said. Other senior executives were also appointed but not named.

Aramco, which signed the joint venture agreement in May, has previously said the project will cost more than 20 billion riyals ($5.3 billion).

The nearly 12 million square-metre facility is planned to have an annual capacity to manufacture four offshore rigs, over 40 vessels including three Very Large Crude Carriers (VLCCs), and service over 260 maritime products.