VIDEO: Aramco signs nearly five dozen agreements for a total value of about $11 billion
Company looks to invest in accomplished local suppliers to strengthen Aramco’s resilience.
The In-Kingdom Total Value Add (iktva) program aims to advance the Kingdom’s manufacturing sector and increase its global competitiveness.
Through iktva, we sign a series of agreements to strengthen global partnerships and in-Kingdom supply chains, including 59 new corporate procurement agreements with 51 global and in-Kingdom manufacturers valued at $11 billion.
The partnerships aim to target investments in several segments, including drilling chemicals, well heads, vibration monitoring systems, steel for structures, and air-cooled heat exchangers.
Our significant investments in a network of accomplished local suppliers strengthens Aramco’s resilience, ensuring that we remain the world’s most reliable energy company.
— Ahmad A. Al-Sa’adi, senior vice president of Technical Services at Aramco