DUBAI May 31 Saudi Aramco said on Wednesday it
had signed a joint venture agreement with three firms to build a
shipyard on the kingdom's east coast, part of the government's
drive to diversify the economy beyond oil.
A shareholder agreement was signed with National Shipping Co
of Saudi Arabia (Bahri), a state-controlled firm which
ships oil for Aramco, as well as London-listed Lamprell Plc
, a United Arab Emirates-based engineering firm, and
South Korea's Hyundai Heavy Industries Co.
Aramco, which announced a memorandum of understanding for
the project in January 2016, gave no financial details of the
It has previously said the project will cost over 20 billion
riyals ($5.3 billion).
(Reporting by Andrew Torchia; editing by Jason Neely)