STX links with Abu Dhabi Ship Building.
STX Group, the South Korean shipbuilding, shipping and trading conglomerate, has expanded its reach into the Middle East after inking a memorandum of understanding with Abu Dhabi Ship Building to help the company develop its shipbuilding expertise.
STX Offshore and Shipbuilding will provide help in general yard design, systems integration and manpower development.
The South Korean shipbuilder said it planned to ?support the development of the shipbuilding industry in the UAE, based on the know-how and experience STX Offshore and Shipbuilding has accomplished at Jinhae shipyard in Korea and Dalian shipyard in China?.
ADSB has a single shipbuilding yard at Mussafah, mainly focused on building small tankers of around 1,100 dwt, tugs, dredgers, patrol boats and small naval vessels.
STX said the two companies had agreed to co-operate in exploiting potential new markets and marketing various ship types that Middle Eastern and Asian shipowners could order. ?The companies will progress further detailed discussion on the whole co-operation,? the company added.
No one from ADSB was available to comment when approached by Lloyd's List on Wednesday.
The deal was part of a wider agreement that will see STX look to develop business opportunities in various sectors, including port development and renewable energy in Abu Dhabi.
STX became involved in Abu Dhabi after a group of mainly South Korean companies signed a $20bn deal with the Abu Dhabi government at the end of December to build four nuclear power plants.
The consortium, led by Korea Electric Power and including Samsung, Hyundai and Doosan Heavy Industries, did not inc-lude STX, but it said its involvement in the country and the deal with ADSB was facilitated by the power plant order and growing trade links between the two countries.