DHAHRAN, Saudi Arabia – Aramco has signed 50 new memoranda of understanding (MoUs) at the In-Kingdom Total Value Add (iktva) Forum and Exhibition.
The iktva program is designed to drive value creation in Saudi Arabia, improve long-term economic growth and develop a strong supply chain, Aramco said, during a period in which global supply chains continue to be disrupted by COVID-19.
As a result of iktva, the company was able to direct 59% of its expenditure last year to domestic suppliers, compared with 35% in 2015 when the program was started.
Among the new MoUs are:
Schlumberger – A partnership on climate leadership and digitalization through localization initiatives
