Saudi Aramco pens six MoUs with international firms

Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has signed memoranda of understanding (MoUs) with six international companies within the company’s framework to conclude new international partnerships and establish firms through an Industrial Investment Program (IIP).

The oil giant has penned the MoUs with Shell & AMG Recycling BV (AMG) from the Netherlands; Suzhou XDM, Shen Gong, Xinfoo, and SUPCON from China as well as Posco from South Korea, according to a press release on Monday.

The announcement is a significant milestone in Aramco’s In-Kingdom Total Value Add (Iktva) programme, which helped increase the oil giant's local content index from 35% at the end of 2015 to 56% since its launch. 

The strategic collaborations pave the way for the launch of new businesses across multiple innovative growth sectors, including steel plate manufacturing, industrial 3D printing, digital equipment manufacturing, energy management and control, catalyst manufacturing and recycling, and advanced chip and smart sensor manufacturing.

Moreover, they reflect Aramco’s commitment to raising the company’s reliability and operational efficiency, as well as its commitment to further enhancing the kingdom’s commercial ecosystem and increasing employment and development opportunities for talented Saudis.

Mubasher Contribution Time: 30-Nov-2020 08:51 (GMT)
Mubasher Last Update Time: 30-Nov-2020 10:48 (GMT)