• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 4 hours The United States produced more crude oil than any nation, at any time.
  • 24 hours China deletes leaked stats showing plunging birth rate for 2023
  • 6 hours The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Bad news for e-cars keeps coming
Is It Time to Get Back Into Energy Stocks?

Is It Time to Get Back Into Energy Stocks?

Tech stocks popped this week…

U.S. LNG Shipped to Asia Is Still Cleaner Than Coal

U.S. LNG Shipped to Asia Is Still Cleaner Than Coal

Rystad Energy's research reveals that…

Debate Rages Over Global Oil Demand

Debate Rages Over Global Oil Demand

Easing inflation has boosted bullish…

Tom Kool

Tom Kool

Tom majored in International Business at Amsterdam’s Higher School of Economics, he is Oilprice.com's Head of Operations

More Info

Premium Content

Aramco Closes In On $7.2 Billion In Deals Supporting Saudi Industry

  • Saudi Aramco has signed more than 100 agreements and memoranda of understanding to support the local industrial and manufacturing sectors.
  • The proposed deals have a total value of around $7.2 billion.
  • Aramco launched its wholly owned subsidiary Aramco Digital Company, which aims to accelerate digital transformation within Saudi Arabia and the Middle East and Africa (MENA) region.
Aramco

Saudi Aramco has signed more than 100 agreements and memoranda of understanding (MoUs) worth $7.2 billion to support the local industrial and manufacturing sectors, the Saudi oil giant said on Monday as the Kingdom looks to have more local content in the industrial supply chains.

The signing of the deals took place during the 7th edition of the In-Kingdom Total Value Add (iktva) Forum and Exhibition, a program to boost local content in supply chains. The program achieved 63% local content in 2022, up from 35% in 2015 when it was launched, Saudi Aramco said in a statement.

The event was attended by Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman.

During the event, Aramco launched its wholly owned subsidiary Aramco Digital Company, which aims to accelerate digital transformation within Saudi Arabia and the Middle East and Africa (MENA) region.

The forum also awarded winners in several categories for in-house value added, including major oilfield services operators. SLB, formerly Schlumberger, won the best in overall iktva services award, Halliburton won in training and development, Baker Hughes in supplier development, and Siemens Energy best overall iktva for manufacturing.

The iktva program encourages the establishment of regional headquarters in the Kingdom, Saudi Aramco said.

In 2021, Saudi Arabia’s authorities said that companies willing to do business with Saudi government firms or such owned by the state should have their regional headquarters in Saudi Arabia by the end of 2023. Earlier this month, Saudi Arabia eased some of those rules about regional headquarters and allowed companies with small foreign operations to continue working with customers affiliated with or owned by the Kingdom.

The move to boost local content and strengthen manufacturing and industry is part of Saudi Arabia’s Vision 2030 to diversify its economy, which depends a lot on oil production and exports.

By Tom Kool for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News