Doosan Heavy Industries & Construction, South Korea announced in a statement that it had signed an EPC contract valued to be KRW 1 trillion (USD 834.4 million) with Tuwaiq Casting & Forging, its joint venture company in Saudi Arabia, on building a casting & forging facility.
Tuwaiq Casting & Forging is a company that was established last month through the joint venture between the Saudi Arabian Industrial Investments Company (Dussur), Saudi Aramco’s wholly-owned subsidiary Saudi Aramco Development Company and Doosan. (read more)
The new facility is to be built at the King Salman International Maritime Industries Complex, which is located near Jubail in the Eastern Province of Saudi Arabia. As the facility will have an area size of 400,000m² and the capacity to produce 60 thousand tons of castings and forgings per year, once built it will be Saudi Arabia’s largest casting & forging facility. The construction of the facility is to commence this year and is slated to be completed by the first quarter of 2025.
The main products to be produced at the facility are the castings and forgings that go into the pumps and valves of petrochemical plants and those used on equipment for shipbuilding and offshore plants. The long term plan is to further expand the scope to include castings and forgings for wind farms and power plants.
“It is a significant feat for us to have won this contract to build Saudi Arabia’s largest casting & forging facility using our casting & forging expertise and EPC capabilities, which we steadily accumulated over the past 40 years,” said Inwon Park, CEO of Doosan Heavy’s Plant EPC Business Group. He added, “We also plan to actively support the 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.”
According to the global research & consulting firm Frost & Sullivan, the casting & forging market in the Gulf Cooperation Council countries, centering around the UAE, is forecast to grow to the size of approximately KRW 2 trillion (USD 1.8 billion) per year by 2028, statement mentioned.
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