Saudi Aramco signs 6 memoranda of understanding with international companies

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Dhahran (Yuna) – Saudi Aramco signed today, Memoranda of Understanding with Royal Shell and Dutch (AMG), and Chinese companies that included Sogo Corporation (XDM), Shin Gong Company, Zenfu Company, and Zhejiang Subcon Technology Co., Ltd., in addition to POSCO, which is headquartered in South Korea, as part of its plans to forge new international partnerships and establish companies through the industrial investment program linked to the development of the company’s business, in continuation of its efforts in its pioneering program to increase local content and strengthen supply chains. The signing of these memoranda represents a major addition to the program to enhance the total added value of the supply sector in the Kingdom (IKTVA) since its launch five years ago on the first of December 2015, and this strategic cooperation will pave the way for the launch of new businesses across many innovative growth sectors, including Sheet steel fabrication, 3D printing, digital equipment manufacturing, energy management and control systems, chemical media manufacturing and recycling. This cooperation reflects Saudi Aramco’s commitment to enhancing its reliability and operational efficiency, and boosting the industrial structure in the Kingdom, which in turn will strengthen the commercial system, support the local supply chain, and provide new jobs and training in large numbers for the Saudi workforce. Saudi Aramco President and Chief Executive Officer, Engineer Amin bin Hassan Al-Nasser, explained that Saudi Aramco has achieved great success, since it launched the IKTVA program to increase local content, as the company’s local content index increased from 35% to 56%, despite the fluctuations in the global economy at the time. Currently, however, the company’s focus is on long-term goals that take into account the company’s interest and at the same time create a tangible positive impact on the business environment, economic development and GDP in the Kingdom. He added: In light of the company’s plans consistent with the Kingdom’s 2030 vision, which seeks to attract investment, achieve economic prosperity and increase growth, the company sees opportunities for new business and partnerships with partners with pioneering experience in the environmental and industrial fields, in digital transformation techniques and the technologies of the fourth industrial revolution.
For his part, Senior Vice President of Technical Services at Saudi Aramco Ahmed Al-Saadi said that Saudi Aramco has a proven track record in developing industrial investments to support local supply chains, and that the program to enhance the total added value of the supply sector in the Kingdom (IKTVA) is a testament to the company’s commitment to strengthening chains Supply her to obtain the strategic flexibility that enables her to meet various challenges. He pointed out that the resulting investments, either directly by the company or indirectly by suppliers, have strengthened the localization plans over the past years, which contributed to the economic growth of the Kingdom, and to continue this success and contribute more to support the national economy, Saudi Aramco intends to During this program, it expanded its investments in various sectors to develop and develop into world-leading investments, and on this day the signed memorandums of understanding confirm the promotion of industrial investments, with the company’s intention to launch similar partnerships in the future in cooperation with its partners.
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