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Monday, Apr 15, 2024

Saudi Aramco Strengthens Local Supply with $6bn Agreements

Saudi Aramco Strengthens Local Supply with $6bn Agreements

Saudi Aramco has bolstered its domestic supply chain by signing $6 billion worth of procurement agreements with Saudi suppliers, part of a localization strategy to support the country's energy services sector.
These 40 agreements aim to enhance the supply chain and offer long-term demand stability for suppliers, encouraging further growth and localization. Wail Al-Jaafari, Saudi Aramco's EVP of technical services, emphasized that the agreements would build a robust domestic value chain.

The deals align with Aramco's iktva program goals, which focus on diversifying the Saudi economy and creating jobs for Saudi nationals. The procured products include vital commodities like electrical and drilling equipment.

Al-Jaafari noted that these deals are crucial for supply chain diversity and resilience, marking progress in the company's iktva journey.

Furthermore, Saudi Aramco has established two MOUs for supply chain and localization collaboration. At the International Petroleum Technology Conference, CEO Amin Nasser highlighted Aramco's active hiring, bringing in over 5,000 employees from over 60 nationalities, underscoring the company's growth capacity across sectors.

In related news, a Brand Finance report confirmed Saudi Aramco as the Middle East's most valuable company, valued at $41.6 billion.
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