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RIYADH: Saudi Aramco, one of many largest vitality producers on the planet, has signed 59 company procurement agreements below its ‘In Kingdom Complete Worth Add’ program with 51 native and international producers.
These offers, valued at $11 billion, have the potential to create 5,000 jobs within the Kingdom.
The so-called iktva challenge was launched by Saudi Aramco in 2015 to baseline, measure and assist elevated ranges of localization within the Kingdom, together with establishing a world-class provide chain, based on its web site.
A press launch mentioned these 59 agreements cowl a number of strategic commodities, together with drilling chemical compounds, wellhead, switchgear, vibration monitoring methods, pipes, compressors, construction metal, fittings and flanges, and air-cooled warmth exchangers.
A number of the famous corporations that signed agreements with Aramco embrace Baker Hughes, Cameron Al Rushaid, Halliburton, SLB, and TechnipFMC.
“The CPA holders might be our future strategic manufacturing companions for these commodities, and the agreements additional broaden our localization infrastructure throughout the Aramco community,” mentioned Mohammad A. Al-Shammary, Aramco vp of Procurement and Provide Chain Administration.
The press launch additional famous that these agreements are anticipated to bolster Aramco’s provide chain and consequence within the growth of supplies manufacturing services in Saudi Arabia.
“Our vital investments in a community of completed native suppliers strengthens Aramco’s resilience, making certain that we stay the world’s most dependable vitality firm. We’re additionally extensively constructing business ecosystems globally by partnering with a number of the world’s high vitality, logistics, and manufacturing firms,” mentioned Ahmad A Al-Sa’adi, Aramco senior vp of Technical Companies.
Since its launch, the iktva program has contributed greater than $130 billion to the Kingdom’s gross home product, whereas creating greater than 100,000 provide chain jobs for Saudis.
Earlier in September, whereas talking on the Native Content material Discussion board in Riyadh, Majid Al-Mohammed, supervisor of iktva’s Motion Plan and Assist, mentioned that this system is an extension of Saudi Aramco’s efforts to localize and develop native content material.
“The iktva program has been gradual in a number of levels; beginning with supporting retailers and suppliers of products, then supporting service suppliers and transferring to assist producers within the Kingdom,” mentioned Al-Mohammed.
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