State-owned Power Construction Corporation of China (PowerChina) signed a contract for construction of marine facilities for the mega-shipyard King Salman International Complex in Saudi Arabia on Nov 26 in Dammam.
The contact, with a value of over three billion dollars, is the largest cash settlement project PowerChina has ever undertaken. Power China will build the world's largest shipyard which will annually produce four rigs and over 40 ships including three VLCCs. The mega shipyard will dramatically boost the local economy and help meet Saudi Arabia's huge demand for ships.
After completion, it will provide engineering, manufacturing, and repair services for offshore rigs, commercial ships and service vessels.
King Salman lent his name to the project and laid its foundation stone. The project is located in eastern Saudi Arabia facing the Arabian Gulf, and is an essential part of Saudi Arabian reform plans.