Aramco awards EPC contracts for new Saudi energy projects

Aramco awards EPC contracts for new Saudi energy projects

Saudi oil giant Aramco has signed engineering, procurement and construction (EPC) contracts with six joint venture firms led by global industry heavyweights such as India's Larsen and Toubro (L&T), Korean groups Samsung and Hyundai as well as Italian contractor Saipem as part of its long-term growth strategy.

The new agreements were signed as part of a major expansion of its Namaat industrial investment programme with 55 agreements and MoUs sealed across the sustainability, digital, industrial, manufacturing and social innovation sectors.

Namaat, which has grown from 32 to 55 investments since last year, supports industrial investment partnerships, helping to create jobs for Saudis and contributing to national growth and capacity building.

The programme aims to enable opportunities for local and international companies and leverage various incentives offered through the government’s Shareek program and other initiatives.

Senior Vice President (Technical Services) Ahmad Al Sa’adi said: "Namaat enables Aramco to be a catalyst for change across the kingdom’s economy, while maintaining our reliability as a global energy supplier at a time of market uncertainty."

"Our collaboration with industry leaders in areas of strategic importance for the kingdom, demonstrates how Aramco is creating national champions that will bring long term benefits to our value chain, our economy and our