Dubai Drydocks signs $2.5b Indonesia deal

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Vessel batamDubai-based shipyard operator Drydocks World signed a memorandum of understanding for a $2.5 billion joint venture with Indonesia on January 29 to develop a maritime cluster in the Asian country that would serve, among others, the petrochemicals industry, the firm said in a release.

The agreement was inked by PT Batam Maritime Center, a member of the Drydocks World group, with Indonesia-based firm PT Bina Bangun Bahari, a company engaged in engineering, fabrication, construction and infrastructure on the island of Batam, Indonesia. Its main objective is to resurrect the stalled Batam Maritime Center project.

The MoU will be implemented by a team with members from both companies, Drydocks World said.

“This new joint venture will bring a new investment of approximately $2.5 billion that can contribute to Indonesia’s economic development programme,” it added.

The 175-hectare Batam Maritime Center was first mooted just before the financial crisis struck. Since then Drydocks World has offloaded its stakes in Southeast Asian yards as it fought off giant debts. However, the company has continued to eye Indonesia as a place to kick start expansion plans again.

 

 

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Reading Time: 1 minute

Dubai-based shipyard operator Drydocks World signed a memorandum of understanding for a $2.5 billion joint venture with Indonesia on January 29 to develop a maritime cluster in the Asian country that would serve, among others, the petrochemicals industry, the firm said in a release.

Reading Time: 1 minute

Vessel batamDubai-based shipyard operator Drydocks World signed a memorandum of understanding for a $2.5 billion joint venture with Indonesia on January 29 to develop a maritime cluster in the Asian country that would serve, among others, the petrochemicals industry, the firm said in a release.

The agreement was inked by PT Batam Maritime Center, a member of the Drydocks World group, with Indonesia-based firm PT Bina Bangun Bahari, a company engaged in engineering, fabrication, construction and infrastructure on the island of Batam, Indonesia. Its main objective is to resurrect the stalled Batam Maritime Center project.

The MoU will be implemented by a team with members from both companies, Drydocks World said.

“This new joint venture will bring a new investment of approximately $2.5 billion that can contribute to Indonesia’s economic development programme,” it added.

The 175-hectare Batam Maritime Center was first mooted just before the financial crisis struck. Since then Drydocks World has offloaded its stakes in Southeast Asian yards as it fought off giant debts. However, the company has continued to eye Indonesia as a place to kick start expansion plans again.

 

 

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