Aramco inks $6bn supply chain deal, boosts Jafurah field gas reserves

Aramco inks $6bn supply chain deal, boosts Jafurah field gas reserves

Image courtesy: FAYEZ NURELDINE/ Getty Images Saudi Aramco, the world’s biggest oil producer, has signed 40 corporate procurement agreements worth $6bn with local suppliers, as the state-owned energy giant seeks to develop the country’s energy services sector while boosting its localisation programme. The agreements cover the supply of a range of products comprising strategic commodities, such as instrumentation, and electrical and drilling equipment, the energy firm said in a statement. The deal seeks to strengthen the company’s domestic supply chain ecosystem and contribute to its resilience and ability to meet the evolving needs of its customers. “The 40 new agreements signed today are expected to contribute to the domestic value chain, and further enhance the ecosystem that Aramco is helping to build. These agreements move us towards a more prosperous, diverse and resilient supply chain, which will help ensure business continuity,” Wail Al Jaafari, Aramco executive vice president of Technical Services said in the statement. The supply chain agreements are also expected to contribute to the oil major’s iktva programme, an initiative that aims to drive economic growth and create new opportunities for Saudi nationals. Aramco gas discovery Meanwhile, an additional 15 trillion standard cubic feet of