Aramco inks LTAs with global majors for key oil, gas projects

SourceTrade Arabia
SectorOil & Gas
CountrySaudi Arabia

State oil giant Saudi Aramco has awarded major long-term engineering procurement construction (EPC) agreements to eight companies for its oil and gas brownfield projects.   These LTAs, which are for a six-year base period and extendable by an additional six years,  will significantly support growth in the local business community and help develop strong and sustainable domestic EPC entities for the longer term, said a statement from Saudi Aramco.   The contracts are developed with a special emphasis on improving Saudization, local content and supply chains, it added.   Saudi Aramco said these LTAs are part of its new contracting strategy for development of major energy projects in the kingdom.    The strategy focuses on establishing new businesses and developing partnerships based on sustainability and new technologies via Aramco's giant projects by awarding long-term contracts to reputable and experienced contractors to improve cost efficiency and the quality and safety of the projects.   Following Aramco’s approval of the new strategy, contracting companies were invited to submit their proposals. And after a thorough evaluation process, the following eight companies have been selected to carry out the work: *Consortium of Nasser Saeed Al Hajri And Contracting/Samsung EPC Company *Daelim Saudi Arabia Company *Engineering for The Petroleum and Process Industries (Enppi) Branch. *GS Construction Arabia...read more...