Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) has signed 40 purchase agreements worth $6 billion with local suppliers in the kingdom.
The recent agreements are aimed at supporting Aramco’s local supply chains, bolstering its ability to meet the increasing demands of its clients, according to a press release.
The agreements were signed with companies operating across various sectors for supplying a range of products and essential items such as electrical and drilling equipment.
Wail Al-Jaafari, the Executive Vice President for Technical Services at Saudi Aramco, stated that the agreements mark a significant milestone in the company's IKTVA programme, aimed at enhancing the overall value added by the supply sector in the kingdom.
Furthermore, Saudi Aramco inked two memorandums of understanding (MoUs) with strategic partners to collaborate on localisation efforts and the development of the supply chain.
On 27 February 2024, Gas Arabian Services Company announced receiving two non-binding letters of intent (LoIs) from Aramco to implement engineering, procurement, and construction (EPC) works for a total of SAR 760.87 million.
In the first nine months (9M) of 2023, Aramco posted net profits worth SAR 354.54 billion and revenues of SAR 1.24 trillion.
