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Saudi Aramco Signs MoU with GE and Cividale SpA to Set Up High-end Forging & Casting Manufacturing Facility in the Kingdom - Saudi Aramco has signed a MoU with GE and Cividale SpA of Italy to build the Middle East and North Africa’s first-of-its-kind high-end forging & casting manufacturing facility SaudiAramco.com / GE.com
Saudi Aramco Signs MoU with GE and Cividale SpA to Set Up High-end Forging & Casting Manufacturing Facility in the Kingdom

 

NewswireToday - /newswire/ - Dahran, Saudi Arabia, 2016/06/02 - Saudi Aramco has signed a MoU with GE and Cividale SpA of Italy to build the Middle East and North Africa’s first-of-its-kind high-end forging & casting manufacturing facility SaudiAramco.com / GE.com. NYSE: GE

   
 
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• To be operational in 2020, facility will create 2,000 high quality jobs for Saudis;
• Plant will support maritime and energy industries through the provision of best-in-class products, including precision machining services.

Saudi Aramco has signed a Memorandum of Understanding (MoU) with GE and Cividale SpA of Italy to build the Middle East and North Africa’s first-of-its-kind high-end forging & casting manufacturing facility that will serve the region’s maritime and energy industries.

Marking a joint investment of over US$400 million (SAR1.5 billion), the new facility, to be located in Ras Al-Khair under the Royal Commission of Jubail and Yanbu industrial area, aims to establish a high-value supply chain that boosts exports and economic competitiveness. Set to be operational in 2020, the plant will create 2,000 quality jobs in the Kingdom and catalyze the growth of Saudi small and medium enterprises (SMEs).

The MoU follows a preliminary partnership between Saudi Aramco and Cividale, a leading European producer in the steel and cast iron sector, to conduct feasibility studies for forging and casting manufacturing services in the Kingdom. GE has come on board to extend its expertise and investment in developing the world-class manufacturing plant through a joint venture between the three entities.

The Forging & Casting Manufacturing Facility complements plans by Saudi Aramco to develop several industrial projects in the Kingdom including a maritime project focused on building, maintenance, repair and overhaul (MRO) of offshore platforms, jack-ups, offshore service vessels and commercial tankers.

Saudi Aramco is also working with its partners to develop an onshore rig manufacturing facility for providing new build and MRO services to onshore rigs and systems; an engine manufacturing project for the manufacturing, maintenance and repair of diesel engines, manufacturing and repair of marine pumps; and an Energy Industrial City to accelerate manufacturing industries in the oil and gas sector.

The Forging & Casting Manufacturing Facility will serve all these projects in addition to providing the best-in-class services and technologies to downstream & other industries across the region and global markets. It will also support the ongoing emphasis of the government, under Saudi Vision 2030, to develop the mining sector of the Kingdom by creating a domestic source-market for various raw materials & supplies that go into the production line.

Abdallah I. Al-Saadan, Senior Vice President, Finance, Strategy & Development, Saudi Aramco, said: “The MoU reflects our ambition to create a robust supply chain that builds positive synergies in the oil and gas manufacturing sector. This builds on our deep commitment to support the goals of Saudi Vision 2030 to promote economic and industrial diversification in the Kingdom and boost localized manufacturing.”

Rami Qasem, President & CEO, GE Oil & Gas, Middle East, North Africa & Turkey said: “For the Forging & Casting Manufacturing Facility, we will leverage our already strong expertise in ‘Made in Saudi’ manufacturing. Together with our partners, we will actively engage Saudi SMEs to support the plant’s operations, and train & hire Saudi professionals, adding further value to the economy. By building a domestic forging and casting production unit, Saudi and regional customers can achieve greater operational efficiencies in product procurement, repair and service support.”

Antonio Valduga, President of Cividale, added: “The feasibility assessment study underlines the strong potential for a world-class manufacturing facility for forging and casting services in the Kingdom. Developing a full-fledged facility through the joint partnership will position Saudi Arabia as a technology and services hub for specialized equipment and services.”

The collaboration is a strong example of the public-private partnerships that the government fosters under Saudi Vision 2030 to develop local manufacturing capabilities that add significant value to the economy.

About Saudi Aramco
Saudi Aramco (saudiaramco.com) is a world leader in integrated energy and chemicals. We are driven by the core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s crude oil supply to developing new energy technologies, our global team is dedicated to creating positive impact in all that we do. We focus on making our resources more sustainable and more useful. This promotes long-term economic growth and prosperity around the world.

About GE
GE (ge.com) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry.

About Cividale SpA
Cividale Group is located in a strategic position near to the most important European markets. Our shops are all laying in the North-East of Italy. There is a high integration between the different companies within the Group; this allows Cividale Spa to properly answer to the customers' requirements offering the widest possible range of products.

 
 
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Saudi Aramco Signs MoU with GE and Cividale SpA to Set Up High-end Forging & Casting Manufacturing Facility in the Kingdom

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