May 31, 2017 / 6:22 AM / 2 years ago

Saudi Aramco signs joint venture deal to build shipyard

DUBAI, May 31 (Reuters) - 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 joint venture.

It has previously said the project will cost over 20 billion riyals ($5.3 billion). (Reporting by Andrew Torchia; editing by Jason Neely)

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