Saudi Arabian energy firm Aramco announced that it had signed 50 new Memoranda of Understanding (MoUs) at the In-Kingdom Total Value Add Forum (iktva) and Exhibition.
Among those signed include some major agreements with Schlumberger for a partnership on climate leadership and digitalisation through localisation initiatives; Cameron/TechnipFMC/Baker Hughes for wellhead equipment localization procurement agreements; Larsen & Toubro for pressure vessel fabrication localization; and Honeywell for localization of process automation solutions.
The iktva program aims to help drive domestic value creation in the Kingdom and build a supply chain that helps maximize the long-term economic growth and diversification of Saudi Arabia. This year’s iktva is the sixth edition of the event, and was was inaugurated by Prince Saud bin Nayef bin Abdulaziz Al-Saud, Governor of the Eastern Province, in the presence of Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy, Ahmed bin Fahd Al Saud, Deputy Governor of the Eastern Province, and Yasir Othman Al-Rumayyan, Chairman of Aramco’s Board of Directors.
In a statement, Aramco said that as a result of iktva, 59 percent of the company’s spending in 2021 was directed at domestic suppliers, an increase from 35 percent in 2015 when the pgoram began.
“It wasn’t possible to foresee the consequences of the Covid-19 pandemic, but iktva helped us to prepare for the disruptions it caused to the global supply chain. Our investment in a diversified network of suppliers has helped us maintain a track record of reliability and iktva continues to prove its value by contributing to an increasingly vibrant, dynamic and business-friendly environment in Saudi Arabia,” Aramco President and CEO Amin Nasser said.
