Saudi Aramco announces expansion of its flagship localization program
Saudi Aramco, the state-owned oil company of the Kingdom of Saudi Arabia announced the expansion of its flagship localization program to boost domestic supply chains and to increase local content.
The oil company has signed MoU’s with Posco from South Korea, Shell and AMG Recycling BV from Netherlands and Chinese firms Shen Gong, Xinfoo, Suzhou XDM and SUPCON.
Aramco’s collaborations with the companies will pave the way for the initiation of new businesses across multiple innovative growth sectors, industrial 3D printing, advance chip and smart sensor manufacturing , steel plate manufacturing, digital equipment manufacturing, catalyst manufacturing and recycling and energy management and control.
These strategic collaborations will reflect on Aramco’s commitment to increasing the company’s operational efficiency and reliability and its dedication to further strengthen the country’s commercial ecosystem.
The company is also committed in increasing the employment and development opportunities, after iktva’s launch, local content index of Aramco’s has increased from 35% to 56%.
Aramco’s President and Chief Executive Officer, Amin H. Nasser said
“Today’s announcement is a step change in Aramco’s pioneering IKTVA program which was launched in 2015. Despite the uncertainties surrounding the global economy,”
“we have sustained our focus on our long-term goals to enable growth and development for a thriving ecosystem and a more diversified Saudi economy,”
“These new partnerships will contribute to advancing innovation, sustainability and enhance the scale of reliability in our business ecosystem and,”
“In addition, benefit companies operating in the Kingdom’s vast energy and chemicals sector. These partnerships will also have a strong focus on new technologies,”
“By maximizing our investments in non-metallic materials and the circular carbon economy, as well as the development of talented Saudis in communities where we operate.”
