The price of crude is languishing under $50 a barrel, far below the level many Gulf producers need to balance their budget
DUBAI: 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 (US$5.3 billion). - Reuters
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