RIYADH, Sept 13 (NNN-SPA) – Saudi Arabia announced yesterday, three projects in the iron and steel sector, with a value of 35 billion Saudi riyals (9.3 billion U.S. dollars).
The kingdom is working with local and international investors, to establish a variety of investment opportunities in the sector, announced Bandar Al-Khorayef, Saudi minister of industry and mineral resources, at the second edition of the Saudi International Iron and Steel Conference.
He said, Saudi priorities include localising steel products of all types, such as heavy iron sheets for the oil and gas sector, defence and construction sectors, as well as, tinplate steel for the canned food sector.
It is also working on reducing imports by 50 percent, with an emphasis on maintaining a financially and operationally sustainable sector, and ensuring the availability of critical supply chains, such as iron ore.
The three projects being constructed are with a combined production capacity of 6.2 million tonnes, worth around 35 billion riyals, he added.
One of the projects is an integrated iron sheet production, focusing on shipbuilding, oil pipes and platforms, as well as, enormous oil reservoirs, he revealed.
Another one being negotiated with international investors entails building an integrated iron surface production complex, to serve the sectors of automotive, food packaging, household appliances, and water transportation pipe.
Additionally, a factory will be established, to produce circular iron blocks for the oil and gas industry’s unwelded iron pipes, according to the minister.
