Saudi Aramco has signed 15 memoranda of understanding and strategic/commercial collaborations with 15 international companies from eight different countries.
Offshore staff
RIYADH, Saudi Arabia – Saudi Aramco has signed 15 memoranda of understanding (MoUs) and strategic/commercial collaborations with 15 international companies from eight different countries.
Total value of the contracts is more than $34 billion.
The MOUs will support Aramco’s forward plans, including offshore and engineering. Some will assist theIn-Kingdom Total Value Add (IKTVA) program, Aramco’s initiative to improve the domestic Saudi supply chain and employment potential through greater engagement with local businesses.
Its aim is to achieve 70% of locally supplied goods and services by 2021.
Among the MOUs are:
A collaboration with Hyundai Heavy Industries concerning the latter’s potential investments in the King Salman International Maritime Complex for Industries and Services at Ras Al Khair
MOUs with Baker Hughes GE, Schlumberger, Halliburton, and Oilfield Supply Center
MOU with Flex-Steel to invest in an RTP reinforced thermoplastic pipe facility
MOU with NPCC (National Petroleum Construction Company, UAE) to invest in a fully integrated fabrication yard and marine base
MOU with SeAH Changwon Integrated Specialty Steel Co to invest in localization of engineering steel
MOU with GumPro (India) to invest in a drilling chemicals facility.
