Saudi Arabia’s state oil company Aramco signed 59 new agreements worth $11 billion, the official Saudi Press Agency reported on Tuesday.
The deals are expected to create 5,000 jobs for Saudis and reinforce Aramco’s supply chain to contribute toward building materials manufacturing facilities in the Kingdom.
The agreements were made under the In-Kingdom Total Value Add (IKTVA) program, Aramco’s localisation drive.
Since its launch, the iktva program has contributed more than $130 billion to the Kingdom’s gross domestic product, while creating more than 100,000 supply chain jobs for Saudis.
Service giants including Baker Hughes, Halliburton, SLB, and TechnipFMC signed deals with the Saudi oil giant.
Iktva has reportedly contributed more than $130 billion to Saudi Arabia’s gross domestic product (GDP) since its inception, and created more than 100,000 supply chain jobs for Saudis.
“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,” said Ahmad al-Sa’adi, Aramco Senior Vice President of Technical Services, in a statement.
