Doosan Heavy Industries & Construction of South Korea has revealed in a statement that it has signed an EPC contract worth $834.4 million for the construction of a casting and forging facility with Tuwaiq Casting & Forging, a joint venture business in Saudi Arabia.
Tuwaiq Casting & Forging is a company that was established in January 2022 through a joint venture between the Saudi Arabian Industrial Investments Company (Dussur), Saudi Aramco’s wholly-owned subsidiary Saudi Aramco Development Company, and Doosan.
The new facility will be developed near Jubail in the Eastern Province, at the King Salman International Maritime Industries Complex. It will cover 400,000m2 and have the potential to manufacture 60,000 tonnes of castings and forgings per year. The largest casting and forging complex in the Kingdom once completed, construction is set to begin this year and be completed in the first quarter of 2025.
The potential to manufacture 60,000 tonnes of castings and forgings per year
Castings and forgings for petrochemical plant pumps and valves, as well as equipment for shipbuilding and offshore plants, will be the principal goods produced at the factory. In the long run, the scope will be expanded to include castings and forgings for wind farms and power plants.
Inwon Park, CEO of Doosan Heavy’s Plant EPC Business Group, explained: “It is a significant feat for us to have won this contract to build Saudi Arabia’s largest casting and forging facility using our casting and forging expertise and EPC capabilities, which we have steadily accumulated over the past 40 years.”
“We also plan to actively support small and medium-sized local companies by partnering with them to jointly target the global market for construction of such manufacturing facilities and supply of key equipment.”
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